Originally Posted by brokenknee
Are you sure it is not the master cylinder? Will the brakes "pump" up? Do the brakes feel "spongy" when you do get pedal? If you l have drum brakes on the rear, there is an adjusting star you turn through a slot on the back side of the backing plate.
they are disc brakes on the rear.
yes, that would be the actuating lever. Just to be sure I am thinking of the proper set up, can you confirm this is your caliper?
One really big thing I did remember when brokenknee said something about the master cylinder.
Do not push the pedal down all the way. Only short strokes. If this model year has the same situation I am thinking of, pushing the M/C too far will cause one of the piston cups (seals that push the fluid) to get cut as it passes a port.
I always bled those with my other foot under the pedal and only allowed 1-2 inches of travel.