Just to throw a couple more cents into the discussion of fluids and lines:
1) Regarding stainless v. galvanized brake lines, when I bought new 10 years ago from Inline, they told me that stainless lines are more difficult to prevent little oozings at the fittings when you install than with the galvanized ones for whatever reason . And they even recommended that I save money by avoiding the stainless. I went with the stainless anyway and was able to stop any leaks at the flare fittings.
2) Since the only possible point of entry for moisture in the fluid has to be at the pot of the M/C, would most of the water be kept out of the system by retrofit installing an "accordion" style gasket under the M/C cover? On my '57 the hold-down screw goes right through the center of the pot, so you'd have to cut a hole slightly smaller than the screw diameter for it to pass through, but that shouldn't make much of a difference. Dorman offers a 42072, a 42081, or a 42098 that look online like one of them might do. With a proper accordion-type top gasket as most M/Cs have, how does moisture ever enter the system from contraction and expansion?
3) It was 10 years or more ago that someone explained why the pressure switches stop working when using silicone fluid, but not so much with glycol based fluid. I'm not really sure, but I believe the fluid bulges a disc in there under pressure, which then touches a contact point make the connection for the brake lights. If the disc becomes tarnished, the connection will not be made. My recollection of the pathology is that glycol against the disc keeps it from getting a corrosion on its surface, but that silicone fluid allows the deposition to occur. I recall the tarnish deposit comes from some minor arcing on light contact. If this is the reason, it would also explain why it takes more and more pressure on the pedal to light the lights, and then finally they don't work at all. These switches are crimped over, so you can't get in and clean the disc, and I've never cut a dead one open to look at what failed. Anyone else familiar with this?
4) One last note for those who wished their brake lights showed up more brightly: I layered my taillight reflectors with Mylar tape and it made a very big difference in luminosity. Jim Krausmann noticed that a few years ago when our '57s were side-by-side. But shortly after I did that, I read study results that showed a plain satin white painted reflector surface looks even brighter than the mirror surface of chrome or Mylar. I'm going to mask mine up and try that one of these days. I don't change bulbs in a lot of old cars, but I think the satin white is a rather common reflector color - and for good reason, not just because it's cheap.