Rod,
It's best to check and adjust pedal free travel and throwout bearing clearance before doing anything else. So -
Pedal Free Travel: Best done by hand on the clutch pedal. Gently depress the clutch pedal by hand. Only the top inch of travel at most. You'll be overcoming the assist spring, but you should feel a slight "bump" as the master cylinder pushrod contacts the piston. Adjust the master cylinder pushrod until there's 1/8" free travel at the pedal before you feel the "bump".
Alternatively - reach up under the dash and grab hold of the master cylinder pushrod. With the clutch pedal fully released you should be able to wobble the pushrod slightly, and as you depress the clutch pedal, the pushrod should feel firm. This will allow you to gauge the free travel.
In short: back the master cylinder pushrod off a few turns and gradually adjust it up until you have between 1/8" and 1/2" pedal free travel.
Throwout Bearing Clearance: Working from under the car, grab hold of the clutch fork with your fingers, and pushrod with your thumb. Try to push the pushrod back through the clutch fork. You'll feel the throwout bearing contact the pressure plate. There should be about 1/8" free travel at the end of the clutch fork. If you can't move the clutch fork relative to the pushrod, your clutch is out of adjustment. Wind the adjuster nuts down the pushrod toward the slave cylinder until you achieve the right free travel.
Both these adjustments right? Time to check whether the system's bled properly. This is best a two-person job. Have someone push down on the clutch by hand while you observe what's going on at the clutch fork. As soon as the pedal free travel's taken up, the slave cylinder pushrod should start to move. The end of the clutch fork should move nearly an inch with a full stroke of the pedal.
To me, it looks like something's not right with the actuating mechanism. I'd try checking first that the slave cylinder piston's not stuck in its bore (pop the rubber boot off and shine a light inside). And the pressed steel clutch forks can crack or break, producing symptoms similar to yours. Unhook the return spring, remove the pushrod, remove the spring and covers from the clutch fork, shine a light inside the bellhousing and inspect the clutch fork to see that it's not bent.
Rob