At the moment I'm thinking it's the RABS unit. The fronts work well enough. I have a section of gravel drive and I tested them out there. I would get up a bit of speed and jam on the brakes. Of course, the fronts work fine. What I found was that the rears would apparently get a little more pressure each time I jammed on the brakes, but the pressure wouldn't release. After a few times of this, I could bleed off the pressure which of course is very little fluid, then the rears would release and I could go again.
Reading up, it looks like early ford RABS units were not very good. Apparently a lot of people bypass them. I may do that eventually. My only problem with that is that there appears to be no other proportioning valve. I think I'll verify by checking for pressure upstream and downstream of that unit. Then I'll take it off and see if I can clean it. If worse comes to worse, I'll just bypass it. The only problem is that the ABS light will be on from then on. I suppose that's not terrible on a 22 year old truck. It is my father-in-law's truck so I'd rather not do that, but we'll see.
Thanks for the tips.