Ha!! You guys kill me!
So yeah, to settle the immediate questions: I only wiped out the MC bowl. Didn't take any of it apart. But like srust58 said, I do know that sometimes it's the old, rusty, crappy fluid in there that makes it work, and once you run new fluid through the system... well, maybe that little chunk of whatever worked its way loose and now it doesn't seal. Plausible?
Also yes - the MC is about level with the caliper.. maybe slightly lower. It could be just air trapped in the system but what, do I have to hang the damn thing from the ceiling to get it vertical enough?!?
Here's the best pic I could find of how it's oriented:
My bet is with Spanner, unfortunately. These MC's are only on the 75 & 76 F's, so hopefully the bore isn't too F'd
And $40 for a rebuild kit?!? WTF?!?