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When I was changing-out the clutch pedal return spring on my 55, I was greeted with drip of brake fluid on my forehead. It is seeping around the bottom of the rubber boot that the brake pedal feeds through. I've got good brakes when I hit the pedal. What am I looking at; a rebuild kit or a new master cylinder? The fun nevers ends! Thanks.
The only way to know for sure is to take it off and tear it down for a bore inspection. Any pitting, scratching, or irregularity at all will be cause for replacement no matter how minor. The bore needs to be basically perfect. If it is, then a simple rebuild will be sufficient. It's fairly rare to find one in good enough condition to rebuid, though. They usually have some rust pitting. What kind of master cylinder do you have? If it's stock, the price of a new master cylinder would make it worth rebuilding your old one if the bore is in good shape. If it's been converted to a later model dual circuit cylinder, then a rebuilt cylinder is often just a couple bucks more than a rebuild kit is anyway.
If you're still running the stock cylinder and have no intentions of swapping to a dual circuit unit, then there is another option. There are several outfits that will overbore your old cylinder and then install a brass or stainless steel sleeve to restore the bore to its original size. This is a permanent repair and you'll never have to worry about a rusty bore again. By the time you have the sleeve work done and then buy a rebuild kit to put it back together, it will end up being slightly more expensive than a new unit, but it will last a lot longer in the long run.
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