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I don't believe in coincidences. The older Fords used a pressure switch teed into the hydraulic brake line, so this is telling me that your master cylinder is, somehow, building pressure an not releasing it.
From the factory these came with a single master and drum brakes at all four corners. Good and proper modifications include conversion to a dual master, and converting the fronts to disc brakes. Once discs are used a proportioning valve should be installed. Another good mod is eliminating the hydraulic switch and using a mechanical one.
You have an issue somewhere in this system and it would be helpful to know more of what you actually have installed.
At the least you are looking at replacing a defective master. Since you need to do that, it is a good opportunity to consider upgrading the system.
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