You could buy another master cylinder, just get an aftermarket replacement for an Ironhead, of a good brand.
But it could also be poor performance of your calipers - could be sticky. Could take them apart & clean them & re kit them.
Also pads could be contaminated, which would also cause this.
Personally, if you like the bike & are gonna keep it, I would get a PM (Performance machine) master cylinder & PM calipers with multiple pots (4 or 6 pot) & maybe even new rotors. Certainly those PM calipers would make a big difference (with a matching master cylinder, or probably even with an OEM master cylinder?-someone correct me if Im wrong) & they probably have a bolt on set for ironheads.
That's my thinking but you'd better ask Doug aka Pan/Shovel