I'm having a similar issue on my 72. I've been wrestling with the brakes for a few weeks. The rear works fine and I can bleed those lines without issue. However, I don't get fluid flow to the front calipers. Rather, I had fluid flow to the front calipers and no longer do. I have tried two new master cylinders so I know that can't be the issue. The next most likely culprit will be this switch device. Mine is "original" (as in it was in the car when I towed it home 4 years ago) and is missing the electrical sensor. I installed the part during my reassembly and had reasonable braking performance for a few days. Then, I tried re-bleeding the brakes with a vacuum bleeding kit and haven't had front brakes ever since. I now suspect the pressure switch is pushed/stuck to one side and not allowing brake fluid to the front circuit. Does that sound reasonable?
Has anyone removed this part and used something else in its place?
The car is almost completely reassembled and finished but I can't drive it until I solve this problem!