New master cylinder needs "bench bled" first. It should have come with plugs for the two ports. Install them, nice and firm. Not tight, or you'll break them. But firm so they don't leak air.
1. Install port plugs
2. Fill with brake fluid about 1/2 way
3. Use center punch or screwdriver to push in actuator (do NOT go over 1" deep)
4. Continue cycling actuator until air stops bubbling out
5. Install on truck
6. Bleed from calipers if necessary
I recommend a different approach from the "pump and hold" method. I hate that method, and it takes two people. I like this method better:
Get a pop bottle, like a coke or pepsi. Must be a bottle, not a can.
Get a small hose (like on a bleeder tool) that will fit over the bleeder nice and snug. You'll need about 2 feet of it. Tape it around the top of the bottle so it can't come out and it stays in place.
Put the hose all the way into the pop bottle so the end is right at the bottom of the bottle
Put your wrench on the bleeder, put the hose on the bleeder, and crack the bleeder open just a little
Make sure the bottom of the bottle is HIGHER than the caliper.
Get in the truck and cycle your brake pedal about 20-30 times
Tighten up the bleeder, and repeat on the other side.
The theory behind that method is actually quite sound. Air travels faster than fluid through a hose, so with the bottle being higher than the bleeder valve, air will travel upstream faster than the brake fluid. When you cycle the brake pedal, it pushes out fluid and air, and sucks back in only fluid since the air travels through the hose faster than the fluid. I just did this last night on my '98 Silverado, and it took me a total of 10 minutes. 5 minutes per side, and I didn't have to re-do either side.