Looks like I have to bleed the brakes on my 1971. Before I tackle this project, I'm going to buy Speed Bleeders to install on the front calipers and rear drums. Here's a small write up about what I've found, in case others want to follow this path.
Speed Bleeders by Russell Performance: http://www.russellperformance.com/mc/speed-bleeders/import.shtml
IMPORT CARS SPEED BLEEDER APPLICATION GUIDE
One Person System Takes The Work Out of Brake Bleeding...Bleeding your brake or clutc