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Could be several things. Since you replaced the master cylinder it is tempting to ASSume that isn't the problem. ASSuming of course it is the appropriate model without a residual pressure check valve (which drum masters have). Most likely the caliper (I'm pretty sure 67's have floating as opposed to the earlier 4-piston) is stuck in the bracket and isn't sliding freely back and forth. Next likely is that there is enough crap or corrosion inside the caliper bore to prevent the piston from withdrawing into the bore when the pedal is released. There is a remote chance that the flex lines are deteriorating from the inside and holding line pressure to the caliper. Believe it or not, that happened to a car of mine.
 

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It is your choice but I would suggest checking your options on rebuilt units. I got some rebuilt Eldo calipers for the rear of my '65 fastback and they look A-1. They are usually an exchange deal. Others may say the rebuilts aren't worth your time...
 
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