So I seem to have lucked out! It turns out my front pads had just worn thin and as a result the fluid had filled the calipers thus lowering fluid out of the reservoir. It wasn't BONE dry but it was low; sometime in the last two days it must have picked up some air; maybe around a sharp turn or the likes.
I bled both front wheels until fresh fluid came out (I went from original Military GOLD to "johnsons" brand purple). Fired up the trucks and the brakes have never felt so good.
I am going to keep the Master Cylinder and brake pads I purchased, as the pads will need to be replaced in the next 15-20k miles. Still plenty of "meat" left on them and the rotors a perfectly smooth - a little rusty on the outer exposed surfaces- but the truck is 24+ years old...
I don't recall if I had NEVER checked the brake fluid in that 2 year period since I purchased it - I know I checked it when I bought the truck, and probably checked it when I replaced the radiator 8 mos ago - I guess I learned I should check it more often... I check all other fluids regularly; especially the transmission fluid since I do a lot of towing. Surprisingly the truck burns little to none oil - pretty impressive for having over 120k miles...
Anyway thanks for all the help and suggestions!