You're exactly right about the hose. I left it out of my summary above for the sake of brevity. I've got two of the three rubber hoses replaced with new. Before I was able to get this kind of work done myself, I paid to have it done, and the guy must have been some kind of idiot not to put in the third hose..... grr. So residual pressure in the lines from worn rubber is absolutely something I'm concerned with.
The symptoms I'm experiencing are dragging brakes and a pedal that goes down while you're holding it at a stop light. My first suspicion was vacuum leak, but I was disabused of this, and pointed to the MC. Also, The FSM lists symptoms and causes, and the only one that fits both my symptoms is the master cylinder. (The dragging brakes could also be caused by the hoses.)
For the symptoms, "Pedal go to floor" causes are:
Fluid low in resivoir
Air in hydraulic brake system
Improperly adjusted brake
leaking wheel cylinders
Loose or broken brake lines
excessively worn brake lining
For Dragging Brakes, the causes listed are:
Incorrect wheel or parking brake adjustment
Parking brakes engaged
weak or broken brake shoe return spring
Brake bedal binding
Master cylinder cup sticking
Obstructed master cylinder relief port
Saturated brake lining
Bent or out of round brake drum
So... looking at this again, "improperly adjusted brake" appears on both, as well.
Although tempting to think in terms of the unifying problem, there's another piece of information: that this didn't start until after I had my rebuilt calipers, new rotors, new pads, turned drums, and brake lines installed. So it's also unlikely that the MC went bad the very same day.
(And none of this is to ignore your comments about routing and old hose ends. And your caliper comments are well taken. I wanted to spend $250 rebuilding the calipers, not $600, so I went with the CarDone rebuild rather than the stainless reboring.)
So maybe, I go with a simpler plan: replace the third hose, and give the system a proper flushing with a quart of fluid. Get all the old gunk out. When I'm in there with the wheels off bleeding, do an inspection and see what I can see. Maybe it's as simple as old hose and improperly bled lines.
How would I go about checking the wheel cylinders to establish if they are failing to release properly?
(sorry about the long post, or at least sorry for thinking while typing, and not before)