You will have to tear it down to see if you have anything to rebuild. If there's no pits, I would replace the rubber parts in the master and wheel cylinders, replace rubber brake lines and steel brake lines. Then reline the shoes and resurface drums and repack front wheel bearings. If the hydrovac works, it's a bonus if not, do with out it. I did the above to my '48 for about $400.00.
Just my 2 cents worth,
Scott
