Hi Daniel
I would say that 1/2 inch is a bit short - but the measurement is open to a bit of error as it is in an awkward place and a theoretical maximum movement is only about 3/4 inch or so, as I recall. I am sure someone will have the exact number handy...
Assuming you are only getting 1/2 inch, then I think you probably have a hydraulics problem - have you tried bleeding the slave with it vertical? Unfasten the clevis pin from the drop arm and remove the mounting plate (complete with slave clyinder) from the bellhousing/engine - then with the cylinder almost vertical push the push rod into the cylinder while opening the bleed nipple. Someone on this board advised me to try it and I found I got some more air out even after I was sure there was none left. Sadly after all that I still had to pull the gearbox thanks to a broken taper pin...
Hope that helps
Alistair