I had that same problem a few years ago.
I have an extra power break pedal assembly that I just looked at and there is no Ford markings on it at all anywhere. Since it came supposedly out of a 69 cougar I am assuming that it is correct also for a 70 Mach 1.
Ohio mustang is correct with the push rod thing ill bet.
When you get that switch out you may find some wallowing out of the bushing area but Ill doubt that it would be enough to make (That much) of a difference.
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1st thing I would do is check all the wheel cylinders and lines for evidence of leakage.
2nd thing I would do if that checks out would be to power bleed all the lines with fresh brake fluid.
3rd thing is next to change out that brake pedal rod.
4th thing: Now if that all doesnt work then there is most likely in my humble opinion possibly wrong with the master cylinder itself as the possible culprit.
5th thing I would now check would be the actual pedal assembly itself for possibly being the wrong assembly.
Anyone else have a sugestion then ring in on this one....If I made any mistakes then let us all know.
Thanks
Good luck.