So I took off work early today and went back through. I read somewhere that I may have overfilled the M/C, so I removed some fluid with a syringe until the top of the fluid level was barely visable in the sight glass. I removed each caliper and removed the pins, backplate and pads. I sanded each pad down and re-greased the pins. I pumped the pistons out and cleaned them all with isopropyl alcohol and verified no leaks and the movement was good. Put the works back together and gave it another go. After coming back from a test ride, the wheel still only turns about 1 full rotation after spinning it with gusto. I'm pretty confident that there isn't any binding and the calipers are working properly, so it may just need time to bed in properly.
Other than that, the brakes seem to be performing better (again subjective). The initial bite seems stronger, though as some have stated the overall braking distance seems the same. One thing is certain, the larger M/C has a much shorter travel than the stock. This is nice because I could pull the stock lever very close to the bar with two fingers, so the new M/C makes two finger braking much easier - in fact, I adjusted the lever to 2 of the 5 positions available (1 being closest).
On another side note, I noticed that the brake switch wasn't being contacted properly with the stock lever swapped in, so I replaced the F4i lever and that worked fine.