I was a fleet mechanic for 30-years and have done hundreds maybe even thousands of brake bleeding. Early Fords are a little different being that the master cylinder is located so low on the vehicle. Other vehicles since the master cylinder is way up high on the firewall you can just open a bleeder on a wheel cylinder, and the fluid will come running out. Since you replaced the master cylinder it will need to be bled first. We used to put the master cylinder in a vice and then we had pre-bent brake lines that attached to the two holes and into the reservoir. They sell threaded plastic brake line fittings that have nipples for rubber hoses to stick in the reservoir. We replaced so many master cylinders on a fleet of 400 vehicles that we just bent up some metal brake lines to use to bleed the master cylinders. We'd slowly press the the cylinder in all the way with a large Phillips screwdriver, and the air would come out into the reservoirs until only fluid was coming out, that meant the master cylinder was primed. Depending how fast you are you might lose the prime by the time you get the master cylinder bolted in. You can stick a couple of brass brake plugs in the holes to keep the fluid in there until your ready to hook up the lines and start bleeding.
Since you have two separate systems you can leave the plug in the front master cylinder port and start bleeding the rear. Open the bleeder furthest from the master cylinder which is the right rear. Have somebody "slowly" push down on the pedal until it bottoms out and shut the bleeder. Then let the pedal back up and open the bleeder and have them push down again. Repeat this, it will spit air until there is a nice steady flow of fluid coming out. Close the bleeder before letting off of the pedal. Recheck the master cylinders fluid level, if you run out in the middle of bleeding the brakes you get to start all over again because you have trapped air in the master cylinder. Do the same thing with the front wheel cylinders, first the passenger side and then the driver's side.
Do not gorilla tighten the wheel cylinder bleeders. You want them tight, but you don't want to break them off
You should have a good pedal, if not than you need to adjust the brakes up, so they are adjusted "evenly". With no pedal pressure they should just barely rub while spinning the wheels on all four-wheels
Make sure your lines are hooked up correctly to the master cylinder You have the fronts and the rears hooked to their correct fittings It makes a difference.
Check the clearance of the master cylinder rod. The piston inside of the master cylinder needs to come all the way back to the snap ring. Then there should just be a little play between the rod and the piston, just enough that it's not pushing the piston in. If there is no play the fluid will not return the master cylinder reservoir, and your brakes will lock up and stay locked up until you loosen a line and let some fluid out.
Make sure your rubber brake hoses have some slack too them when turned all the way right and left and there not rubbing on anything.