Are the flexis OK, ie not ballooning in any way.
If the pedal is solid with the engine off then there can't be much wrong in the system. The pedal dropping is the effect of the servo vacuum coming into play. If yours is like mine there were two servos stacked to give maximum effort. No servo means very stiff pedal.
All I can list off the top of my head for what might cause this is:
Air still in the pipes, calipers, master cyl or ABS System - shouldn't be after all the efforts.
A leak in the fluid lines - you should be seeing that though.
One brake circuit not fully working - but you'd fail the MOT with that.
Too much play in the caliper piston or incorrect re-assembly - unlikely as they weren't disturbed (were they?)
Incorrect alignment of the connections from pedal to master cylinder - they must be in the same plane and centred
Flexi-pipes either 'ballooning' or pushing fluid back out meaning you have to force fluid back in there which needs more travel.
A non-return valve being open
A pipe on the wrong connection (like a crossed wire, but with brake pipes)
A problem in the ABS Modulator or replacment Master Cylinder - as in a leaking seal, but that should only affect one circuit.
What happens if you pump the brakes - while moving? Does the pedal harden up after a second press or stay spongy?
Can you get the ABS to operate on either a wet or dry road? It should be possible, although you'll have to apply full effort whether wet or dry. If your worried about stopping obviously do it where you have plenty of room, and you need to be doing more than about 20-30 mph I expect. A decent sized car park at night and empty might be a good test site, unless you have access to a nice long straight and wide road (or runway

)
Obviously if testing the ABS without a rolling road (the safest way) then make certain you're safe and there's no pulling in either direction under normal braking. Two tonnes of E53 will roll nicely if you get it wrong - but then I'm probably trying to teach Granny
