If the slave cylinder is bad, I'd think that you'd find brake fluid underneath the slave and maybe leaking down around your countershaft sprocket. My thinking here is the only way to loose pressure at the slave is to release fluid past the piston seals and out on to your bike and into the atmosphere.
If this was the case, I'd also think that it wouldn't affect your clutch play until enough fluid leaked out that your fluid level got low.
Now, if your master cylinder was going bad, any fliud that pushed past the seals would just end up back in the reservoir, so there wouldn't be much evidence. But again. I'd still think that whatever was wrong would have to be letting air into the system.
I think that if I was troulbleshooting this problem, I'd start by draining the entire system, take it apart and replace the crush washers at the banjo bolts and maybe even the banjos themselves.
I'd then put the ststem back together, but leave the slave off the bike. I'd clamp the slave piston in place with something like a C-clamp to eliminate the clutch springs from the equation.
Next, fill the system and bleed it. When properly bled, the lever should be rock hard as the fluid has no place to go.
If you can't seem to get the system completely bled, look for leaks, or just keep bleeding.
One thing that I've found is that if the banjo on the master cylinder is the highest point on your system, it's possible that an air bubble can get caught there. I usually wrap a towel under the banjo, crack the bolt just a hair, and pump the lever a couple of times. The bubble should get squeezed right out.
Maybe there's something here that can help...
--Fillmore