It generally isn't recommended to press the pedal to the floor when bleeding. The reason is, during normal operation the pedal never gets past 1/2 to 2/3 of travel in the master cylinder, and over time a ridge can build up around that point in the cylinder. When you push it past the ridge during bleeding, it can damage the seals and require either rebuilding or replacing the MC. A lot of old / high-mile MC's have died from bleeding. Generally you want to only push half-way down.
Now, the part about only letting the pedal come up part-way... never heard that before. No idea why that would matter. I've always used pressure bleeders in my other vehicles which eliminates the need to touch the pedal.
