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Being a non-critical item (unlike brake hydraulics), I'd say a rebuild would be OK if you can find a kit. But a new one would last a lot longer (usually).
A big thing to keep in mind though. Brake fluid eats paint. So after you get the master cylinder issue sorted out, take the carpet out on that side, clean...clean...clean anywhere that there's brake fluid. If the paint is loose, prime and paint again. You don't want bare metal under carpets that get wet and hold water. And get all the brake fluid out of the carpet and its underlay.
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-Matt '70 145s, '65 1800s, '66 122s wagon, others inc. '53 XK120 FHC
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