Before you rebuild the master cylinder, check this out. I have the same problem with my 93 “tractor trailer” project.
There are a couple weird but good videos on YouTube on how to bleed the system. The master cylinder design is poor because the way it slopes, it catches an air bubble at the isolated top end that is hard to flush out. When you bleed it, the fluid flows across one end of the cylinder, not through the whole cylinder.
A couple things I picked up. Most of these videos call for using a turkey baster or something like that. In the reservoir cup, it calls for putting the tip of the turkey baster into the drain hole and actually forcing brake fluid in and through the system.
It also calls for cycling the clutch pedal while you have the slave drain open, connected tube inserted to a jar brake fluid. Slip a tube over the open slave cylinder bleed fitting, and put the other end of the tube into a jar that is full of brake fluid, so that air can’t be drawn back into the system from below. Think of using a plunger in the toilet. You don’t just push it one way if you’ve got a bad clog, you work it back and forth and eventually the blockage goes through. On the ranger, the brown stuff is the air bubble.
The third of the couple ideas is, before you bleed the system, disconnect the master from the pedal, and pull the two bolts on the firewall, and simply tilt the cylinder the other way without disconnecting it from the hydraulics (so the down end is up and the up end is down). Then if you use the two methods above, any bubble would be in the right end of that cylinder to be forced out by forcing fluids through or pumping it back and forth. With the slave bleed connected with a tube into the jar of fluid on the ground, it’s easy to push the master cylinder back and forth with just your hand.
These videos also advise you to really make sure that you keep that teeny tiny reservoir full in the process. If you are doing it by yourself, you can rig a 2-liter pop bottle with a hose off the tip, put a pint of break fluid in, and invert it with the tip below the fluid level in the reservoir, but above the reservoir drain. Use a big enough hose (1/2”?) that if the level drops in the reservoir below the tip, it will dribble out of the bottle.
I have two thoughts in addition. That teeny tiny reservoir is probably half the problem, not enough extra fluid for the tiniest little issue. I plan to go to the pull a part and get a reservoir out of something else more the size of one of my Lincoln town cars, and rig it in. If I’m not mistaken, on the Ranger it is not part of the master cylinder, it’s connected with hose.
My plan: harbor freight sells a little fluid pump ($5 ?) that works with a squeeze ball, like the doctor uses when he checks your blood pressure. When I do mine, I’m planning on connecting that pump in a loop. When I do mine, I’m planning on tilting the cylinder up, connecting the suction on the slave bleed valve, and routing the discharge back into the reservoir, and pumping the hell out of it with a motion I’ve developed well with my right hand, while making sure the reservoir stays full with the pop bottle. I will probably alternate that with simply pumping the master cylinder with the jar underneath to prevent sucking up air.
My two cents, Hope this helps.