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Usually when there is a leak with the Master Cylinder the brakes begin to fade and the pedal will go all the way down to the floor if you press on the pedal steadily meaning the fluid inside the MC reservoir is passing over the O ring/s on the piston shaft so now there's no sustained pressure throughout the system, the pedal fades and at some point if you continue driving with this condition, you will NOT BE BALE TO STOP THE VEHICLE so don't take any chances.
Is it possible you "overfilled" the MC and the air blowby is pushing the fluid round....?
First "clean" up the mess with brake parts cleaner and after it evaporates take a look right at the point where the MC bolts to the power booster and see if the fliud is leaking from the back of the MC, a common spot and if so it's time to either rebuild or replace the MC.
Using a pistol grip vacuum pump bleeder you can do the job by yourself BUT remember to "bench bleed" the master cylinder BEFORE you install it either using the bleeder plugs that come with the MC or make 2 short, curved steel brake lines with fittings for the MC. The lines should curve over sort of like this

so when the MC is filled you plundge the piston with a large screw driver continually until ALL the air bubbles are gone keeping the MC topped off and not suck in additional air. Once you have completed the bench bleed , top off MC putting the lid on while installing it then once it's all hooked up take off the lid, bleed the system keeping an eye on the fluid level.
If you don't do it this way and install the MC, you will be there until your "retirement" ...lol lol.....trying to get a good pedal, then bleed the system according to the Haynes Manual and you should be good to go, test drive naturally and rebleed if necessary.
You can park in the driveway if there is a downward angle point the nose of the BKO downward to help with an initial gravity bleed while installing the MC, your call.....with the self bleeder it's probably not necessary....?
If there's any rust or damage to the brake booster maybe it's time to replace it, there's an F350 MC/Booster upgrade if you "search" here you might consider OR get a JY booster...O'Reillys offers a Cardone reman Booster only for $75.99 #54-74211 or Cardone MC with Booster # 50-9315 for $91.99 plus tax they also offer Wagner mfg without pricing but that's for an 86 BKO....check around for pricing.
Good Luck ~ :thumbup