I don't agree w/ your assessment of hydraulic operation. There are loads of information on hyd. principles concerning fluid volume, timing, piston area, stroke etc. available. Might want to take a read here :
https://www.servicearchive.sram.com/sites/default/files/techdocs/sm_hydraulic_disc_brake_v06.pdf
For bicycle disc brakes excessive lever travel will occur if there is air within the "working" fluid or fluid bypass, too much rotor to pad clearance, hose expansion or too much "Deadband" in the lever. Deadband can only be adjusted w/ adjustable "bite point" levers.
Thank you for the document. I'm always open to learning more, and it was an interesting read. And surprisingly well done/understandable for a tech document. Now I know a few specific terms that I wasn't aware of previously.
After a bit more thinking, I do think I was conflating a few things after too few hours of sleep last night (4). I was confusing a few things with closed systems (which, according to the document, do work how I was explaining), but thats not as relevant for a system with a resevoir of course.
I think we're both saying that without contact point adjustment (deadband, the new word I learned today), the most you can do is try to get the pistons to the correct placement in the seals to eliminate excessive lever travel before contact.
This actually lead me to another question for the OP though. Are the pistons and seals nice and clean? If they're gunked up, it might be preventing the pistons from re-centering in the seals correctly, and make the deadband/lever throw longer than it should be, as it should be doing that by itself.
Also, for whatever reason, when pads get worn, I find that bleeding with a thinner bleed still block works better for me than using a full block, and then resetting the pistons by cycling the lever a few times, just because other times in the past I've pushed the pistons out too far, and had to push them back in further to have enough space to put the pads back in.
After thinking about it for a while, the only reason I can think that may be so, is perhaps because the resevoir is low enough in volume that it gets easier to injest air into the "working fluid" through the timing ports because of expansion/contraction, or due to the bike being stored in different orientations (I store my bikes vertically by the front tire). Not sure which, but since its worked for me so far, I'll likely continue for now.