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Drain all the fluid and remove the pistons - look inside the chambers/bore and check for scoring/pitting. If you are good there a $30 rebuild will be enough. Better than a $150 Master Cylinder bill.
Thanks for your input so far guys, I haven't started anything yet but now I can get more familiar with what I need. So in terms of process, what are the first things I should be looking for when taking the brakes apart?
Metal brake line fittings may well be stuck in calipers. The small brake line fittings are very difficult to remove without rounding even with a flare nut wrench. I had to use vise grips and then replace lines due to ruined fittings. Do not try to open bleeders until you split the caliper halves and see if they are sleeved or pitted originals. If bleeders break off in castings that may cost you the core return credit. If you are going to split the calipers break the bolts loose before you remove the calipers from the caliper mounts. Soak all bolts and fittings with penetrating oil a few hours before starting. Use good six point 1/2" drive sockets to loosen the bolts. Good luck with it. mike...
I would check the condition of those trailing-arms first. If your arms are rusted, or there is play in your bearings, or the bushing is shot, you might want to just buy a rebuilt arm, which includes the entire brake assembly, as it will be cheaper (and simpler) to do that all in one shot in an exchange-basis, than to replace the rotor and calipers, then find out you need to replace the trailing-arm.