First off on the older bikes, you need to inspect the caliper and the relation of the bleeder screw. If it is at the top of the caliper, you will trap air.
Look at this picture of a car caliper:
http://www.mpbrakes.com/bleederup.jpg
Try this link C&P if that did not work: http://www.mpbrakes.com/bleederup.jpg
On the 86 forks we just installed, we had to remove the caliper and tip it so the bleeder was at the highest point on the caliper. That got the remaining air out of the caliper and system.
One tool that is really nice to use is a MityVac pump. Basically a vacuum bleeder. You will first need to tape off the bleeder screw threads with some teflon tape to seal the air out. This allows the vacuum to pull the fluid, not air from the threads. The advantage to a vacuum bleeder is you can remove the caliper and bleed the air without pumping the MC lever. Very nice! Also helps suck up all the brake fluid for less mess.
Now the hardest thing to do is get the air out of the MC. If you pull the lever in about half way and then let it go, that seems to jolt the MC and will release air from the bore of the unit. Do that until there is no more air or bubbles in the lower unit. You will eventually see fluid stream up in the resevoir when you pump. that tells you no more air in the MC!
Then to bleed the caliper, put it on the bike. I still use the pump, but at like 5-10 on the dial. Then pump the lever about 4 times and then pull it to the bars while opening the bleeder screw. Keep the lever at the bars and then close the bleeder screw. SLOWLY let the lever up and the fluid level will drop in the MC. Keep the up cause if you suck any air, you start over! But do the pump the lever, to the handle and bleed routine about 4 times and you should have a rock solid lever -- granted if you got all the air out of the system first!!!