Thanks for all of the replies and the suggestions everyone.
Unfortunately I didn’t see this until now and I put everything back together already. But I’ll keep in mind for the future if I feel I need to improve the braking.
Here are the basic steps I took:
- Remove brake pedal assembly and completely disassemble it.
- Test fit spring and mark where to cut notch.
- Cut notch.
- Sand all rust spots, clean, and paint bracket and brake pedal.
- Wire wheel washers and shaft. Get new cotter pins.
- Assemble everything; use synthetic disc brake caliper lube on shaft.
It came out great. The pedal now sits at the top and it has very smooth travel. Below are some pics and a quick video showing the end result.
Thanks again for the assist. Hopefully this information helps out someone else some day.