Every Centauro and '97 1100 Sport I've ridden has the same problem you describe, no less when they were new. If you pull the lever to brake lightly, then release, then pull lightly and so on, you'll find you can work the lever all the way back to the grip. The solution is a different master cylinder, back in the day a lot of people used GSXR or Kawasaki-style remote reservoir 5/8 inch Nissins for this reason, and also on Ducatis. They were about $130 and a vast improvement.
When TPG took over Ducati, one of the first things they did was get (force?) Brembo to redesign the master cylinder, and Ducatis had the new unit starting in '98 The first Guzzi to benefit was the V11 Sport. Brembo master cylinders of the mid-late 90s are mostly poor in feel and overall quality.