That's a bad thing to deal with. It's one of those "pay me now or pay me later" situations.
Best to replace every rubber component, including the hoses. The lines must be flushed thoroughly. Any trace of oil will come back to haunt you!
Unless the wheel cylinders and master cylinder have been replaced, real good chance they are rust pitted. Be a good time to just replace them. Not much price difference if you consider your time spent cleaning and honing.
Now would be a good time to convert it to DOT 5 silicone brake fluid. It will work well in any application, but it is especially good in vehicles that do a lot of sitting. It does not absorb moisture like glycol fluids do. But you have to remember it's in there, because it is not compatible with other fluids. I recently worked on a 20 year old Harley that had DOT 5 in the brake system, that fluid was crystal clear, everything looked like new!
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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