A good bleed is an important step but do not forget the rotors… They all have some runout and require truing. I try to keep my rotors +/- .002″ so that the brakes can actually self adjust and lever will be full and solid feeling.
Spin the wheel and use a flashlight to view the space between the rotors and pads. You might likely see the runout as you do so. A large amount of runout will retract the pistons into the calipers and cause extra travel of both the piston/pad and the lever.