The master cylinder on my 46 Ford truck is leaking brake fluid out of the vent on the cap. The MC is a repop I installed about two years ago and it just started doing this. The brake pedal is firm.
By chance are you filling the MC to the top or do you keep the level down?
You might check the shoe adjustment. I've seen this happen with too much shoe travel. Tim
The shot when you push the pedal is normal, all MC's do that. You are pushing the piston past the fill port, once past the port, then pressure goes to the brakes.