If I might add a little info.
I have the same system in a 89 F800 and have also had problems with it.
Replaced the rear brake assm on both sides from Ford, the hydro-boost assm as new, the pump , front calipers, rotors, drums, etc.
Total in parts was over $ 2500.00 CAN.
Ford knows there is problems with this system.
It was designed by Lucas of England fame.
Seems to always leak in the rear cylinders, not during use but when sitting overnight, can tell during the circle check from streaks on the tires.
After 6 months the seals in the rears started leaking and I had trouble from the start with the hydro max unit.
There are 2 units for the system, one with a 1.75 inch bore the other with a 2.0 inch bore and using the wrong unit will give a over pressure in the system similar to the brakes being on all the time.
The unit I got was supercided to the 2.0 inch bore with a few mods from the factory.
I should have checked the valve unit that contols the parking brake, not the actual unit that has the yellow knob, but the one that is I think called a HR-1 ? Maybe the seals inside are rotten ?
I also get the kerchunking or a cycling every 20 seconds felt through the pedal.
My problem is different, I have a hard brake pedal like no pressure is going to the booster ( checked and it is ). Only sometimes do I get the boost effect.
I talked to a mech at Ford ( most don't care for this system ) and he suggested replacing all the seals in the system and using Castrol or Lockheed brake fluid, NOT Dot 3 .
Seems the normal fluid I've been using is eating the seals, got black fluid after 8 months.
Only thing I didn't check when rebuilding the brake system was the hr-1 parking brake control unit. The manual states it is to be replaced NOT rebuilt.
If you can find a similar good working system from a trashed bus, I'd pull everything and use it or switch to air brakes, much more user friendly.
My 2 canuk pennies.