I rebuilt the front calipers thanks to the helpful advice and suggestions in a prior post.  I bled about a pint of brake fluid thru the system and get no air bubbles either using a Mity Vac or doing it the old fashioned way.  I have taken the bike off the center stand and rolled it forward in my garage. 

When I grab the brake lever, the bike stops but the lever comes back to the grip.  If I use two fingers on the lever, the other two fingers get pinched.

I'm open to suggestions and further advice from the guru's on the forum.  Do I just buy another pint of fluid and bleed it some more?  I see no obvious leaks.  The lever doesn't feel spongy.  But I hesitate to ride the bike until I get a better feeling front brake lever.  TIA

   

Try wrapping a bungee cord around the lever (holding it in ) and leave it over night.
Any change?

Thanks.  I have heard of doing that.  Not sure how or why it works, but I shall try that tonight and report back tomorrow.

Had the same problem.  When bleeding, be sure and let the lever "snap" back after you close the bleed valve (with the reservoir cap on).  Only took a couple of cycles to get the lever feel back once the air was gone.  Between that and wrapping the lever overnight, it worked wonders for me.

Removed the bungee cord and tried the lever this morning.  A significant improvement in the lever.  It no longer pinches my fingers.  It's not quite where I would like it, so I shall bleed it a little more using the 'snap' technique.  Thanks again.

Had the same problem. Tried the bungee overnight.  Bled them several times but was never happy with them until I replaced the brake lines with Speiger lines from Murph's.  I think that the lines were worn out an would expand with pressure.  New lines fixed the problem.

Rebleed the brakes. Do the left side first, then right. Get a tight fitting tube so it doesnt suck air in. Pump and pump and pump and keep adding fluid to the reservoir until its absolutely clear with no bubbles. Pump the handle 3 times, hold it in and close the valve. Top off the fluid, have a nice ride. 

Charliedog, getting all the air out can be a real problem.
All the suggestions offered are good ones. Should eventually get it worked out.
How old are your hoses?

One thought that others can answer.
Since you rebuilt the caliper, I wonder if somehow the pistons are moving further from the Rotor than usual when you release the lever? Possibly you need to ride the bike and get everything hot enough to allow things to move back into place?
Maybe do a low speed/drag the brakes ride in a parking lot).

(Justathought) I have bungied the lever down on several occasions, thinking that it would allow air to migrate upward into the reservoir. But that might not (Totally)  be what is happening? Maybe this process helps the pistons settle into place?

Ride safe, Ted

The lines are a Galfer two-line system, probably 8 years old.  I ave done the bungee cord thing for 6 or 7 nights.  At first I would get a bubble of air from one side or the other the next morning.  Eventually that stopped.  The first time I went for a test ride, the lever started out firm but after a few miles and several stops it was coming back to the lever again.

I ordered  a master cylinder rebuild kit from my local dealer, and the parts guy suggested also replacing all the crush washers, so I did that also when I did the rebuild. 

Basically I started over again with bleeding the system and doing the bungee cord thing, and I took it out today for another road test.

I would probably say the lever feels marginally better than when I started this ordeal, but it is certainly not up to what I would like compared to my other bikes (two FZ1s and an SV650).

I have seen calipers not properly reinstalled that caused them not to float properly. The caliper would push the rotor off center in effect acting like a spring. The result is a long throw on the lever.  In one case it was so severe that it took two pumps of the lever to get the brakes working.
I would suggest that you  recheck the pistons to make sure they are not binding and also  make sure the calipers can center themselves (float).