I have the same problem as "mastaphixa.
The first engagement of the brake pedal goes about two thirds of the way down and activates the brakes. Lifting and reapplying pressure on the brake pedal results on the brakes engaging after less than 2 inches of movement, with a rock hard pedal.
The only component of my TR3A’s braking system that has not bee replaced or rebuilt are the steel brake lines, rotors, and rear drums. I have rebuild front calipers, new rear wheel cylinders, new master cylinder, and new flex hoses. The 5-way union and the associated restrictor valve have been cleaned. The brakes system and master cylinder have been bleed numerous times (DOT 4) by me and my a friend that restores british cars. Also, though unrelated, the front suspension has been rebuilt including new wheel bearings.
I am confident the pedal adjustments are in accordance with the Service Manual listings.