Eliminate the simple possibilities first. Loosen the locknut on the underside of that pivot bolt and then the pivot itself and see if the lever is binding in the perch.
Then open up the reservoir and remove the diaphragm. Is the fluid gelatinous and cloudy? Pluck a wire strand from your least favorite wire brush, clamp it in some pliers and see if the return orifice (smaller of the two) is clear.
Inspect the caliper and the lines. Any obvious binding, wear, damage? Sometimes old brake lines will collapse on the inside and make a sort of check valve, not allowing fluid to return. What's the story with the brake lines?
If all this proves fruitless, go for the full disassemble, clean and fluid swap, and blast out the brake line while its apart. You can reuse the seals and parts if you're careful on disassembly.
Report back, tell us what you discover please.
N.