With disc front/drum rear, you should get around 1500-2000 psi front, 800-1000 psi rear...
Front discs could be 'glazed', also... cuts effective braking rate in half... look for blued rotors and heat checking...
I've heard of old brake hoses separating internally, and blocking flow with pcs of rubber... bad rusty lines or really old fluid can also crud up lines as well... normal fluid 'can' asorb water, and if in lines can make brakes mushy (water compresses a lot more than brake fluid does)... an easy check would be to drain all the brake fluid out from the lines and install new fluid and bleed completely...