The first thing I do with a new toy is replace All of the brake lines (rubber and steel), you don't know the history of them and they both fail from the inside out. It's cheap insurance and piece of mind.
Also, check to see if you have a hydrovac brake booster and make sure it works. An easy way to check is to put light pressure on the pedal and then start the engine, as the engine builds vacuum you will feel the pedal fade a little, this tells you it's working. If you don't have a hydrovac, get one...
Hope this helps!
Mike B
