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DOT 3 will work fine, but it may be more suscepetible to water absorbtion over time than DOT 4 as I recall.
I think DOT 5 is synthetic and will work and not absorb water but I don't think it is compatable with DOT 3 or DOT 4. Therefore you would have to flush the system of the old fluid. Someone will correct me if that is wrong.
Also, there is no "drain valve". You are probably talking about the bleeder valve. Sounds like yours may have rusted and broken off in the past. You may be able to remove it from the wheel cylinder (the thing it screws in to) by removing the wheel cylinder first and backing it out with vice-grips, if you are lucky. Then you may be able to find a replacement bleeder. Even if you can't, replacement wheel cylinders are easy to find and only about 40 - 50 bucks.
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'86 745T 140K, '72 144E 236K, '70 145S 128K, '68 220S 96K, '60 544 ?K
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