Maybe yes and maybe no.
Unbolt the M/C from the wall and pull it forward to the end of the studs. Then remove that return spring.Next, with your hand, pull the pedal up to it's stop, then push it down,up to 1/2 inch or so. Repeat. The pedal should move freely back and forth. If it doesn't you will have to figure out why, looking for things resting on it or rubbing on it,etc. If nothing is found, spray some penetrating oil on the bushings and work it in. Also, if the pushrod is affixed to the top of the pedal, lube it too.
But if the pedal is all floppy like, then reinstall the spring. And reinstall the M/C.
There is still a chance that the M/C is ok, and that the fluid in the system is not returning properly. So the next test is to prove that.
What you need to do is look into the M/C and watch the fluid as a helper steps on the pedal and slowly releases it.At the release there should be a little fountain erupting in the reservoir. This fountain can be huge,depending on the efficiency of the system, how far the pedal has been depressed, and how fast the pedal is being released.I tell you this so that you can take precautions to protect your paint.If you have a small piece of glass, you can cover the reservoir with that, but fluid can still leak downwards, so lots of rags is a good idea.
Brake fluid attacks paint. If you have an accident, first wipe it all up, then wash everything with hot soapy water and rinse liberally.Throw the rags away, asap, so you don't accidentally use them on your paint job.
So,get a helper to step on the brake pedal for you, on command. Pop the top off the M/C, and have at it. Remember to tell your helper to slowly work the pedal. First one slow,short stroke, so you can figure out what to look for. Then perhaps a little deeper, but still slow.And so on.
You will be looking for the fountain, or at least a goodly amount of roiling.
If you see the fountain, then I would tear the M/C apart for inspection.But
if no fountain is seen then the compensating port could be severely restricted, so I would clean that out first and then retest.
If still no fountain, then I would adjust all the drum brake adjusters, and retest.
If still no fountain,and if you have disc brakes, I would get the front wheels off the ground and make sure the calipers are applying and releasing properly, and not dragging, making it hard for the wheels to rotate.Then retest
If still no fountain, then, Hyup, I would tear that M/C apart for inspection.
