Fman, for what it's worth, I just bled my hydraulic clutch today and here is how it looks at both extremes of pedal travel:

(at rest)

(fully depressed)

My pedal basically hits the floor at full travel, and I don't see any piston exposure or O-ring exposure. I adjusted the MC set screw (bolt?) a bit to ensure full engagement of the clutch well before it hits the floor. I'm average height and don't want to have to work that hard to shift gears!

Obviously, I'm just a newbie, so take my comments accordingly.