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could also do rear disc swap and put some quality pads and rotors on it. I run slotted and dimpled rotors on my 4x4 superduty with 35s and made a big difference over the stock pads and rotors. Scince you never really have the glazing effect going on with the pads and rotors.
rotors im partial to brakeperformance.com as their warranty also covers warpage(sp). Plus you can get them in black zinc coated which ive always run and never had a single problem with them, never warped a rotor even hauling huge loads and having to slam on the brakes because of other idiot drivers. and they stand behind their products 100 percent had some come in with a small defect emailed them pictures and had two new rotors the next day.one of the few pics i have of them installed.
I would get your existing brake system in working order before I started changing stuff. If you are unable to lock up the brakes I would suspect an issue that would need to be fixed.
Could have been a wrong master cylinder see if there is any numbers on it and check auto parts stores on line for the cross reference. Are you loosing any brake fluid at all out of the master cylinder? Have you replaced the brake lines at all scince owning the truck also? Becasue the lines can fatigue over time and break down from the inside and cause small flaps of rubber to either hinder the passages of fluid flow to the calipers and wheel cylinders and also to return to the master cylinder. When you bleed the brakes which method did you use to do so?