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Maybe I missed it but are you holding the metering valve open while bleeding?Pages 5-7, 5-8, and 5-16 in the 1973 Light Truck Service Manual. The same procedure should apply to your '77http://www.73-87chevytrucks.com/techinfo/7387CKMans//Service/ST_330_73_1973_Chevrolet_Light_Truck_Service_Manual.pdf#page=273
Make sure the rear brakes are assembled correctly and properly adjusted. Replace the combination valve.If you bleed it at the master you get good pressure?