I had similar issues...I had residual pressure at both front calipers, which could be released if I cracked either bleed screw. Apparently the booster was failing and not allowing the master cylinder to fully return against the snap ring, which was maintaining the residual pressure on the calipers. It would start out fine, but after a mile or two, the brakes were smoking and it was everything I could do to maintain forward momentum...although 4WD certainly helps to drive through the brakes in a pinch if you need to.
Upon further inspection, the MC was failing, and slowly leaking brake fluid into the booster, so no real surprise there.
I took the opportunity to go through the rest of the system, and even though everything checked out, I did put some new calipers on it since they were ~24 years old and some fresh pads since they were glazed and had seen better days.
The only other possible causes I can think of would be an issue with the front center hose, causing it to maintain residual pressure, or the combination valve. By cracking the system when locked up in various places, you should be able to figure out which it might be, but I'd look at the MC first just cause that's the most likely thing to fail.