seen it many times. the bleed nipple can get clogged with crap. take the nipple out of the caliper and run a wire down threw it to open it up. then you should get fluid.
Woot! We have a winner! I just swapped the bleed nipple out with one of the spare seized up calipers in my dresser drawers full of take off Valk parts I can't quite bring myself to get rid of, and everything ran normally.... Took for EVER to finally bleed the air out, but I guess that's normal with a brand new master cylinder.
I'll still do the caliper rebuilds, but they've been moved from "Do before riding again" to "Do before a major trip" status...
Thanks!