About the brakes.
Don't take any shortcuts. Your "what I can get away with" mentality should not be applied to brakes for the sake of safety.
If you have spent money on new shoes/linings then you don't want any pits at all in the cylinders, as any leak and the shoes are no good. If it was used around the farm, and still had the old, probably wet, shoes then some very minor pits may be OK if you check the fluid level in the master very regularly.
Personally I would either have your old cylinders stainless steel sleeved and pretty much forget about them forever, or buy new cylinders. If you have them sleeved then I like the work that "Mark the Machinist" does, search the forum for more info on him, and his contact info.
Unless your service manual (available from most all the restoration parts places) says otherwise I would adjust the rear wheel bearings as you do the fronts.
If the spindle is not damaged, and the bearings are still good then probably nothing more needs to be done.
Grigg
