Brakes being that old, you better pop the pistons out and do the whole rebuild. That's o-rings and dust seals plus honing the bore and you may consider putting in new pistons to boot. In order to get the pistons out, use compressed air in the hydralic port while holding the caliper in a thick towel so as not to damage the piston when she blows. An auto parts store will have the cylinder hone. You chuck it up in a drill motor, lube the stones with fresh brake fluid and run it in and out of the cylinder a couple times to get a nice cross hatch pattern.
Also, you might consider putting new brake lines on as they probably have decomposed somewhat with age and exposure.
To save some trouble, you might take the calipers to a decent mechanic and have him rebuild them for you. Same with the fork seals. Either way, hope you get that bad girl on the road soon.
Bigdaa