I would put up a brake write up but there is no way to sticky it or faq it. On the K bikes, the calipers are all the same for most purposes, the 77/78 F calipers are different. The lines on the K bikes are all the same or at least all interchangeable. They all end in the hard line. Anyways, as long as the parts are K, then you should be good.
A newer system is not really an option without mods as far as the caliper goes. Here is what you do.
remove the whole brake system. remove the piston and remove the hose, basically pull the whole system apart. Remove the bleed screw and get a speed bleeder. Inside the caliper there is a rubber ring, remove it. Use a brass brush such as a dremel attachment. Clean all around the inside of the caliper, especially the area where the rubber ring sits. Now put the piston back in and set it aside.
Now you do not need it, but a cir-clip pliers will make it easier. Remove the clip inside the barrel of the master. This allows you to pull out the piston there and clean it all up and remove the corrosion there. You may need to replace some of the seals there. Put it all back together and attach the hoses.
Remember to clean and grease the pivot pin for the caliper arm, if cant move smoothly, it will bind.
Put it all back on and start filling the master and bleeding it down. Here is where the speedbleeder saves you a lot of time. Hook a hose to it and open it about 1/4 turn and pump away, just make sure the master does not drain. Squeeze the lever slowly though or you will shoot the roof of your garage with brake fluid!
Get it all bled and it will work good. A braided brake line will seriously improve your stopping. I am mixed on the drilled rotors though. On one hand, it cools better and can help in the rain, on the other hand, you are removing material used for stopping and the rotor does heat up faster. If you do get one, just make sure it does not have too many holes or the rotor could crack.
The ride IS the adventure. The destination is just to get gas!