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Yes, actually the amount of miles that it is or was driven doesn't have a bearing on the braking system. However, any oil in the master cylinder will ruin every part in the hydraulics of the brakes.
All of the calipers and wheel cylinders, lines as well as the master cylinder have to be replaced. On vehicles with ABS the hydraulic assembly would also have to be relaced.
Hard to say if it is worth it for you but it will be very expensive and would not be worth putting into a vehicle that old, sorry.
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