Have you verified the piston(s) at the caliper are moving ? Went through this whole bleeding process, very frustrated, then x-bird gave me a good tip. Take off the brake line at the caliper, and blow air in the hole there. Your caliper piston(s) should move freely. Mine took forever to move, and finally blew out. Found corrosion between the rubber seals in the chamber. Bought a new caliper, blew air in the hole before installing them, the slid out with ease. Here is my story...
http://www.buggymasters.com/forum/showthread.php?t=2512