Thanks for all the great advice everyone has given me. I had the afternoon off so I decided to take my hand at taking out the master cylinder in my '88 240. I got the old one unbolted JUST in time for the first drops of rain to scatter about. I tried my best to bench bleed the new MC but decided to get it bolted on before the deluge of rain began. I never did get it bench bled. I put fluid in it and pressed on the piston lightly and got fluid to squirt out of the rear port and dribble out of the front port. I was so pressed for time as it was fixing to rain that I just could not do a proper job of it and fear it is not bled. With a filled up resevoir I bolted the sucker onto the car. I had some problems connecting up the hydraulic lines until I get the grand idea to clean out the threads of the new MC with a Q-tip. The threads had no place to purchase before due to brake fluid flooding them. So I got the new MC all hooked up by not quite bled. Here are my questions:

1. I am going to try first to use the pressure bleeder I made using the pattern from the BMW site. That is a garden sprayer connected to a resevoir cap to pressurize the system and bleed out all the old fliud and air via the calipers. If this contraption actually works (looks like it will) will this take care of the MC bleeding as well? I really do not want to disconnect the hydraulic lines again to bleed this thing on the car. Fluid weeped out of both ports as I was reconnecting it. Am I pissing in the wind on this one or can I pressurise the system and blow the air out via the calipers?

2. What to do with the old MC? I would love to rebuild it for next time but the rebuild kits are so expensive it seems silly. Any advice?