well i'm no expert, but i just got done with this job for the first time and i'll tell you want i think.

you can service your calipers, assuming the seals and boots and whatnot are in good condition. otherwise, you have to rebuild or replace. changing them is really easy, and assuming everything is working right, and you have a pressure bleeding device of some kind, bleeding them is also easy.

i got my rebuilt calipers for my 240 series at autohausaz.com for $45 each. have to send the old ones back to get that price, though.

no idea what to say about mushiness. i'm debating it myself, although i think i'm almost within spec for pedal travel when the ignition is off.. 2.4in.