You might want to checkout what Early Ford V8 Garage - supplies. I like Dennis Lacy's approach of the creation of a new clutch/brake pedal shaft (longer than stock), which he then hangs a pivot arm off of. His kit requires NO welding on your original pedals and also tucks the master cylinder up a bit higher than yours does. I highly recommend their products - are about the best engineered, highest quality stuff you can buy - period. Also, he is probably one of the most knowledgeable guys on our early Ford hydraulic brakes and conversions:
http://www.earlyv8garage.net/
I installed his complete kit on my 32 Cabriolet - didn't have to drill a single hole, didn't have to weld on anything . . . just perfection from one end to the other.