rebuilt my front caliper, but did not have to do the MC. had my rotor drilled and resurfaced too. once the pads bedded, it stops nicely, and no more squeal!!!
the caliper gasket is worth the few bucks to replace. be sure to clean out the groove it sits in so it seals well.
post us a pic of your piston. i was able to reuse mine.
Depending on the amt of corrosion, you might be able to gently clean it and continue to use it.