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Pumping the pedal suggest you might have air in the system. You might get a friend to help you bleed it and see if some or all of your pedal comes back. I'm assuming you have the normal Hydralic SPF setup and not a Hydralic throwout bearing? If the nomal system be sure the bracket bolts that holds the Hydralic valve in place is also tight to the block, as I have seen them get loose and the system has fluid, no air problem but when you push in the pedal it pushes the bracket away from the block vs pushing the clutch in. This could be why your pedal keep going away. I know a guy with a real 427 cobra that has a simlar setup that had this problem.
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Gary
CAV GT40
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