Power bleeder exposes bad master brake cylinder?

[DByers]

I have been doing some work on my 71 T and in that process had the engine and tranny out. Figured it would be a great time to replace the banana arm bushings (original) with some monoballs (thanks Souk & Mike @ MotoMotions). So in doing this the brake lines needed to be disconnected. No big deal. So I get everything back together and the engine and tranny are in and I go to bleed the brakes. Using my new Power Bleeder and some ATE fluid (Thanks Pelican) I bleed them until I see blue fluid from every valve with no air. Problem is now I have no pedal. Goes straight to the floor. When pumping the pedal I do get some fluid to purge from the system at each caliper but not as much as when I use the power bleeder. I followed the directions corrctly and have no leaks any where, included the overflow tube (read enough about that issue to make sure it was clamped off).
So to the short of it, did the power bleeder expose a MBC going bad and just sped up the process? I had fantastic brakes before this bleed. This was my first bleed in about 2 years. Brake fluid was standard brake stuff. The MBC is original to the car and I have a replacement on the way from our host (thanks John @ Pelican). I was just wondering if the power bleeder may have saved me a week/soft/no pedal at my next track event or spirited drive.
Thoughts?