yep, the slave cylinder works almost identical to a cb750 brake caliper...so you will need to pull the piston, clean the cylinder, and probably replace the seal/s
I just had problems with the one on my VF500f Interceptor, and after cleaning everything up, I had no leaks but I could not get it to bleed. Finally discovered I had to take the slave cylinder off the bike, pump the piston out far enough that the clutch push rod applied pressure to the piston, and then bolt it back onto the engine case using the clutch push rod to push the piston back in.