Cut it loose beyond the booster and close it off by bending the line or take it loose at the T connection and plug that hole.
Rolling and pinching of the steel brake line may not hold up to the pressure of your system and you might see some fluid leaking from your pinched line.
http://community.webshots.com/album/556578325GieVWg?start=24 Check here and you can see what I did on my 61 c60 which has the same setup as your truck.
Hpoe this helps,Hobert
