Are you sure it's bled all the way. The manual method, on a dry system, can take many many round to get all the air out.
How was your master before the swap? If it was fine, I'd think perhaps mabey it just needs more bleeding.
I did my k5 recently, all new lines, new rear calipers, new master, new front calpers. Bone dry system.
I let it gravity bleed overnight, then went around at least 15 times. Then gave my wife a break (she was pumping the pedal), then went around another 10 times. Felt tight, but not perfect. Gravity bled overnight again, went around again a final 5 times.