Put the new master cylinder in tonight and found that the old one was leaking fluid into the booster. There must be another leak somewhere because the pedal goes straight down while the engine is running. It does build a little pressure while the engine is off but as you press the pedal it still goes all the way down.
After a couple of pumps, the brake pedal is always gonna feel a LOT firmer with engine off. This is simply a result of no more assist from the booster.
If your pedal is going down with engine running, then this most always means you've got air in system, or you've got a leak. The leak should be easy to detect, by pumping the brake a few times and looking. To confirm it's a leak, carefully mark fluid level in the M/C (hopefully you 'bench bled' the M/C prior to installation), and then pump a bunch of times and look again at the fluid level. If it's dropped, then you know you have a leak. If fluid level is same, but pedal still goes to floor, you likely have air still in system.
I owned two service stations back in 70's and 80's, done thousands of brake jobs. Looks like you have a '87 truck?? Those brakes are pretty simple hydraulic systems. Not sure if you have ABS, but if you do, you may need to cycle that system while bleeding (I'm not familiar with that year).
My initial guess is that you have a bunch of air still in system. Perhaps you're not bleeding correctly. In the old days, I always had a helper bleeding brakes, but BOTH people need to know what's going on and they need to be in perfect sync, otherwise air keeps getting introduced.
Nowadays I use Motive pressure bleeder, which is virtually foolproof, and I can EASILY bleed brakes by myself.