If the cylinder bore can be honed and and inside diameter stay within limits it would probably be fine. Put a rebuild kit in it. Excessive pitting and wear would preclude this. You'll want the Ford Shop manual to go through the procedure and determine if it's good.

 

It's the single most important part of the brake system, and it will be near impossible to get the reservoir truly clean. For the $50 - $60 for a new one I would toss it.

 

I agree with Ross, get a new master cylinder.
On your other question, I don't think you will need or want a power booster with otherwise stock drum brakes.