Ok. I use a pressure bleeder that is essentially the same style setup. That should work fine. You may consider adding a gauge to it if it doesn't have one, so that you make sure you have sufficient pressure to get a proper bleed. Around 40-45 psi is the optimal pressure for bleeding the system on these trucks as well as most non-abs systems.
I would definitely replace the cups in the wheel cylinders. You might try seeing fi they can match them at the local parts store, as wheel cylinder cups really aren't too much different over the years. It's more getting the right size.
