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Any time a brake line is opened (replacing caliper, usually), the fluid will drain from the Master cylinder by gravity. As I said, propping the pedal depressed (a piece of wood braced against the driver's seat cushion) will keep the fluid in the MC.
Some people plug the open line(s) with a sharpened golf tee or similar, which does work. I just think propping the pedal is easier -- with no worries about the plug(s) falling out when no one is around. IMO, the plastic wrap under the cap is only marginally effective. Fluid will still drain until the loss creates enough of a partial vacuum in the reservoir.
Probably just a front bleed will be enough, as long as fluid stays in the lines from the MC. Better would be a complete system flush-bleed. I suggest some searches here to see what's involved, pressure methods, etc. The 700/900 FAQ will have info, but non-ABS 240 bleed sequence is not covered there.
Be prepared for a struggle with the fittings at each end of the rubber lines. Flare-nut wrenches are a must. You might want to start a new thread for more info on this. I only did it a couple of times, and that was years ago.
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Bruce Young '93 940-NA (current) — 240s (one V8) — 140s — 122s — since '63.
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