Well I finally got motivated to work on my Mustang. After seeking advice of this forum I decided to switch to DOT 5 silicone brake fluid while replacing my master cylinder. I was concerned about fluid leakage from the old wheel cylinders. However after breaking both bleeder screws it will no longer be a concern. I'm replacing both rear wheel cylinders. They were both filled with sludge anyway. So far I've:
1. Removed both wheel cylinders (rear)
2. Opened up bleeder screws on both front calipers. (These are fairly new calipers so no replacement is planned).
3. Pumped alcohol though the old master cylinder (it's actually only a couple years old).
Next step. Remove master cylinder and blow air through the lines using my compressor.