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What year is your bike and how many miles are on it? Your profile say "2005 Street Glide" but there is no such animal.
I ask because you may simply need to clean the caliper pistons. If they are dirty, it takes a great deal of pressure to cause them to press against the pad/rotor. The brake lever will go almost to the grip. It's a difficult problem to diagnose because there is no apparent leak, the fluid doesn't show bubbles when the lines are bled, and reassembly after inspection, etc. may cause the lever to function normally--for a while, anyway.
You can check Lyndall's website for a primer on cleaning the pistons using a tooth brush and brake cleaner.
Went through this myself on my '04 EG. Ended up dissassembling the calipers and removing the pistons for a thorough cleaning--the lever is now rock hard.
on the newer 4 piston caliper it's not likly to get pulsation in the bike or lever, since the caliper is rigid mounted. on the older style single piston with a slide mount it would be more prominant. runout=warpage. like an old record. trying to create more release space than neened. since 4 pistons are being supplied fluid from a single hose, the fluid is moving back and forth between sides. when your stopped the rotor is in a fixed position and the brake will pump up fine. roll several feel and back to low pedal/lever. check for leaks. if none, get the bike up on a lift. lightly apply brake, while spinning the tire. warpage will be noticable. runout can be checked with a dial indicator. if you have access to one. seen a make shift pointer, or sharpie marker work well also. hope this helps. keep us posted. steve
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