I keep my master cylinder at the full mark and have never has a problem with overflowing when replacing pads. BUT, it is a good idea nonetheless. There won't be very much coming out of the bleeder valve and a shop cloth will work nicely.
Clean the caliper slides so that they shine like new, and then put some synthetic brake grease on them. I also like to lightly coat the area where the rotor attaches, after cleaning off the rust.
Have fun,
Klaus
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The more I learn, the more I forget. So why learn?
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