proportioning valve??

1 day the brake light goes on changed m/c
bleed all the brakes put in a ajustable push rod
brakes feel bad spongey to much pedal travel
before the car stops
after all this light still on

If the valve is stuck and causing it sometimes you can free it by bleeding a wheel at a time while someone is pushing hard on it. The way we did it when I worked in muffler and brake shops was right rear then right front and you could hear it pop free. Did you bench bleed the new master cylinder and is it the same bore? If it is not bench bled it will be spongy.