Welcome to the wonderful world of SOHC Honda front brakes. Guess what? Even when they work they are shit compared to modern brakes. Yours will be the swinging caliper with the fixed rear pad I take it? same as my CB400F. 550F's still only have one disc too IIRC.
The fact that you can clamp the hose suggests it might be original? If so remove it and throw it as hard as you can away from you. My recollection of those is that there is a fixed metal part that is clamped to a fabric covered rubber hose. Awful thing. I ended up with a steel braided line from caliper to M/C in one piece.
You need to take it all apart and start again. You have rebuilt the MC: great. does the fluid return hole work? all the seals present and correct? then check the piston as Mr Ellipsis said.
those calipers only go together one way and the bleeder is at the top. once you have sorted out a hose from mc to caliper then its time to check the caliper piston and seal and such. you might find that it wont bleed because the caliper won't swing. or the piston is locked in the bore.
or something. I would offer to copy the relevant pages of the Hanes manual but dont have access to it at present. Have fun.
edit. If you want to sell the bike, I'd be interested.
I thought elections were decided by angry posts on social media. - F5 Dave
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