Bill,
Sounds to me if you have any milky looking fluid you still have air somewhere. I know on mine there are slight loops in the line where air can hide. You just have to bleed the hell out of it.
If there was plenty of fluid in your master cylinder, it's been said that heat from the headers can cause the fluid to boil which will make the clutch fail.
You might want to consider making or buying a heat shield for both brake and clutch reservoirs.
Good luck.
This old thread might help.
http://www.clubcobra.com/forums/all-...-problems.html