So... I ran into the same thing with the clutch master cylinder tonight. This cylinder was a used part also. It looked to me like it was replaced by the previous owner as part of the fresh work he did to the car. Hmmm - actually, I think that was 28 (plus 6 years in my possession) ago! Anyway, the little valve was stuck in this one also. For any used cylinder, that valve should be checked and lubricated with a bit of rubber grease before installing the cylinder.
I was able to get the clutch operational, and the brakes barely so. I need another person to assist to bleed them properly. And it is quite possible that the brake booster is not functional. Anyway, I took it for a brief drive in the neighborhood. It has been about 9 years now since I drove a Z.
It's tiny! Turning around to back up, I was struck by how narrow, and also, how little there is of "car" behind me! I was reminded again of how awful the throttle linkage is. It has a lot of initial resistance, so you press a little harder, and then a little more, and then it "let's go", causing more acceleration than intended. As I recall, I will be able to sort that out by adjusting the linkage and bending the gas pedal arm as necessary.
Oh, and that exhaust stink. Hahaha! Even when you get them running well, if you spend much time behind the tail pipe, you stink like you've been running a 2 cycle leaf blower.
While it starts up easily and has good throttle response, it doesn't sound or feel like it is tuned. When I give it enough throttle to go past 2500 rpm, it acts like it is lean - it doesn't want to rev. I will need to check timing again (static and dynamic), and check set/mixture screws again, carb sync again, etc.
Anyway, it runs!