Hi,
1991 740 turbo wgn. M46 trans.
The hydraulic line from the master to the slave cylinder leaked (rather quickly)draining the system. Damn salt, it's beastly. The brakes aren't affected (master cyl. has several levels). I fixed the line, pressure bled then bled using the clutch pedal. The resistance seems the same but the clutch now grabs immediately when the pedal is released off the floor.
What is the travel of the slave cylinder when pushing on the release lever?
I measured about 1/2" max.w/ full pedal travel. The pedal feels very similiar to pre-leaking.
I couldn't replace the line w/ an direct replacement (dealer only item up here & it wasn't avail. until after Jan. 2)
I used stainless flare fittings silver soldered to a combination of 1/4" steel brake tubing & teflon braided stainless flex hose. I used this same type of hose/soldering method for front brake lines on motorcycles/4 Runner/Tercel w/ no problem.
Is it possible that the flex hose expands just enough to lessen the slave cylinder travel?
Any ideas appreciated.

I don't know what the travel length is.
Sounds like you still have air trapped in the line.
I know my clutch master and slave cylinders are a real pain to bleed.
Just takes time, patience (sometimes I have to walk away from it for a few hours!) and a lot of fluid.
I have had the best luck by adding pressure through a pressure bleeder and having an assistant pump/hold the conventional way at the same time with me working the bleeder screw.
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'60 544, '68 220S, '70 145S, '72 144E, '86 745T