Low brake pedal Mazda Protege

I just purchased a 94 Protege with a chronic low brake pedal. After checking for the obvious, wheel cylinder leaks, stuck adjusters I replaced the master cylinder and bled the brakes twice. I bled the master cylinder using the provided kit first. I also freed up the calipers by cleaning up the sliders, pistons were moving well. The brake hoses look ok, the pads are ok but there is a slight warp in one of the rotors. The pedal goes down to about 2.5 inches from the floor before the brakes feel solid. Braking is ok but it feels a little sketchy with pedal moving so much. I remember driving another Protege with a similar problem; Any suggestions? I don