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I just had a new engine (B230) put into my '87 244 because a slipped timing belt on the old one killed it.
I'm highly suspicous of this. Is that what your mechanic told you, and you just believed it? A slipped belt on a 230F will NOT "kill" the engine. It will just leave you stranded on the roadside. In fact, the towing bill might have been your biggest expense, because even to put the new belt on shouldn't have been more than an hour's labor. I really hope that your mechanic didn't just sell you that bill of goods just to get a perfectly good B230 to sell to somebody else.
With regard to your brake problem, one of the most common times for a master cylinder to go out is just AFTER a brake bleed or brake job. What happens is that during bleeding, many guys will pump the pedal all the way to the floor, because that will expel more fluid and the job will go faster. The problem is that an old master cylinder will get destroyed if you press it beyond its normal length of travel, because the cylinder gets corroded and gunked up beyond that. So with the system open on the other end as you're bleeding, the piston with its aged, delicate rubber seal will travel over all of that corrosion and get messed up. It can fail immediately or soon after a brake job. Lesson: when bleeding the brakes with an old master cylinder, only press the pedal half-way, or no more than you normally would when flooring the brake pedal.
Did the same mechanic who told you your broken timing belt "killed" your engine also do the brake job? If I were you, I'd pull the Ricky Ricardo on him: "You got some 'splaining to do...."
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