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I would give the brake system a good flush with up to 3 quarts of DOT-4 fluid. (I use Castrol LMA)
Why suspect the master cylinder? The light?...more than likely this is you distribution block sensor....follow the brake lines down from the MC and see this little beauty....the light will come on when there is a pressure imbalance. Is it leaking? Flush first to see what happens.
I wouldn't rebuild a MC, they aren't that expensive.
Check the brake lines for wear, bulging. Look for leaks, dead crumbly cylinder piston boots, pad wear, rotor scoring...
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