Thanks for all the advice. I will be flushing/changing the brake fluid, and installing stainless steel brake lines and new pads this weekend. Before I do anything though I'm going to be sure to check the operation of the calipers.
The current fluid is a little cloudy (not clear/amber) but not overly contaminated. I didn't see any water or air bubbles or particulates in the M/C bottle but you never know. I'm going to pick up one of those Motiv pressure bleeders and do all the cars next weekend.
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