Hi All,
Thanks to all the great advice and stories here, I finally had the courage to rebuild the Brake System on my '75 CB550F. I was able to clean out the caliper and MC, and replaced the innards of the MC. The caliper piston was very usable and I reassembled everything with Dow Corning Vacuum grease. I used new SS lines from HEL (Big thumbs up to their service and work). Everything went together without a hitch. I replaced the stock bleeder with a Speedbleeder and using their bleed system, everything went smooth and my brakes work great, with excellent feel at the lever. So I give a huge thanks to everyone who went through all this and was kind enough to share their experience.
I cannot reccommend the Speedbleeder and their "Bleed-Bag" high enough, as long as the bag is held at the height of the handlebars, the bleeding is effortless. I also used copious amounts of crumpled tin foil to clean out the caliper and MC resevoir. The tin foil is softer than the metal of the components, and can be shaped nicely to clean out the caliper seal groove without danger of scratching.
So, now the bike drives great, but I lost my headlight!!!!! Everything was working before I did this work, and everything else works perfectly - Blinkers, horn, tail and brake lights. There are no stray wires in the bucket and I have juice going to all the fuses save the headlight 7 amp. I checked that the actual sealed beam works in another bike, and its fine as well. The solder joints behind the fuse box look clean and strong and the fuse clips are very clean. When I checked the tailight fuse in the headlight slot, it did not work, and the suspect headlight fuse worked fine for the tailight.
Can anyone give a lead on where to look next?

Thanks,
Gersh