Haha, welcome to my saturday afternoon tow truck ride in my 1200
Sounds like exactly the same problem I am currently facing!
My car is a 1200 coupe with a completely standard braking system (Std disk brake front end, drums rear, no booster).
My original tockico master cyl was leaking so I bought a shiny new "Protek" brand one and poped it in the car, bled the brakes for hours on end and was then pretty pleased with myself, until I got to take it for a reasonably long drive after getting it back on the road (approx 20mins).
Cruising down the road, had used the brakes about 2 mins earlier and they were fine, just touched the brake pedal and it was then rock hard with no brakes, and front brakes started grabbing!
Tried limping it home, got nowhere (though initiated a nice smoke show from the front pads!)
Towed it home, checked it next morning in the garage and everything appears fine, except the front brakes are dragging a little.
Don;t know where to next other than getting another master and trying again...
Did you try the trick above, looking for the residual pressure valve? I might try that next...
Cheers
Matt