braking issues

I recently changed the pads on my front brakes (87 civic btw), and for the past couple days alls been good. today on my way to work just as i was getting there my brake pedal would travel nearly all the way to the floor and it took more effort to make it brake. i let the car cool off for 2 minutes tops and it seemed ok, although teh brake pedal seems a little less responsive (slightly more travel). there was some funky smell comin from my front weels as well, very noticible on the way to work, not as much on the way home. I way wondering if anybody had any ideas as I am rather uncomfortable driving the car in this condition. did i mess something up putting the caliper back together? Oh, and the brake fluid is a little high as it rose a lot when I made room for the new pads, could this be the solution in itself? Its about as full as it can get and still be able to close the lid. :uhoh:
any help greatly appreciated.

p.s., i havent looked at the brakes with teh wheels off yet, becasue its dark and late and i have to get up early.

could be worn brake master cylinder, try having the brake fluid changed.

Let some time for brakes to settle in before heavy braking 500-1000 miles.