NOBR8KSS

The brake warning light came on in my 1991 Stanza XE, and has not gone off. I read the posts about fluid being low and the parking brake switch malfunctioning...that is no the case here.
The fluid level is at the MAX line.
I removed the parking brake switch and sanded/cleaned the contacts.
I adjusted the drum brakes and that helped with pedal feel...but still the light is on.
I removed the master cylinder to adjust the output rod on the brake booster, but it was already the correct length. I did notice about a teaspoon of brake fluid had collected in the booster.

I bought the car with 89,000 miles on it and the brakes "looked" new. There is now 126,000 miles on the car and there is excessive pedal travel, but the brakes are properly adjusted and still "look" ok.

The Chilton's manual has only one reference to the Brake Warning Light, but it is not car specific...it says "Some cars will illuminate a Brake Warning Light when the master cylinder isn't functioning properly.

What should be my first step? Should I replace all the brake rotors, drums, and pads? Should I replace the master cylinder since it appears to be leaking? Any advice is appreciated.

BakaSama

If the master cylinder is leaking, I would replace that. But the problem sounds like it's the low fluid switch on the MC's reservoir.

NOBR8KSS

Replaced the master cylinder last weekend with a new replacement from Advance Auto Parts...they had the best deal I could find @ $112. Also adjusted the booster output rod, the rear shoes, and bled the system with Valvoline Synpower DOT 4. The brakes are vastly improved the the brake warning light is off!