Sounds like you got a bad one right out of the box. Any chance you damaged the cups by over-travelling the piston into the master cylinder?
Make sure you have free play on the rod to the master cylinder. Mind you that will normally lock up the brakes rather than cause slow return.
Personally, I use a bleeder ball to bleed brakes as opposed to using the master cylinder to create pressure. Alternatively, you can also use a vacuum pump at each bleeder screw....the pumps are available relatively inexpensively.
Master cylinders are readily available and cheap. I see on ebay where they are listed at $35USD.....worst case is NAPA where they are $100 CAD.
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