Possible it is leaking into the brake booster, look for drips down the bottom center of the booster.
RockAuto sells brand new AC delco master cylinders. In fact I have an extra I could sell you quite reasonably, bought one and never ended up using it.
Does your mystery valve have a black rubber button on it?
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-Jeremy
1968 GTO 4-spd convertible, console, factory gauges, hidden headlights, 3.90:1 posi, AM/FM radio.
1962 Catalina convertible, Starlight black w maroon interior & white top.
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