First, don't use drug store (isopropyl) alcohol. It contains water, either 10 or 30%. Use denatured alcohol, you can get it at the hardware store. I hope that's what 52 meant to say.
However, I would recommend following MetalMans advice. And if you replace all the components, lines, hoses, wheel cylinders and master cylinder, it would be a good time to go with the DOT5 brake fluid, unless you will be driving the vehicle at least every other week year round. The DOT5 fluid is silicone base and doesn't absorb water, but it also doesn't react quite as fast to the pedal pressure. Most people can't tell the difference.
And be sure the emergency brake works good. My brother-in-law put his 54 down a cliff about 100 feet when his luck ran out on his leaky brakes.
