Should the booster be adjusted so the rearmost piston in a 70s Chevy dual circuit master cylinder be all the way back at the snap ring stop with the foot off the pedal?
Yes, there should be a small amount of clearance between the brake rod and the master cylinder piston. This will insure that the piston in the master cylinder will allow the fluid to return to the reservoir. You can check by looking in the reservoir when the pedal is release. You should see the fluid return, it shoots back so watch your eyes!