I'm replacing the master cylinder in my 60 Crown that I bought in September.
As you suspected one is for the brake lights. The other is for the cruise
control. There is no connection to the brake light on the dash, the light
on the dash only indicates that the parking brake is on. Andy Bernbaum has
the switches NOS for a decent price and I hear tale that if you take one in
to NAPA they can match it up to a very similar switch that is still in
production.
If you are not already aware... You also need to replace the wheel
cylinders and rubber brake lines while you are in there as they will have
issues after all these years. With the single pot master cylinder you have
nothing to help you stop the car except one little parking brake should you
loose a wheel cylinder or rubber hose.
Steve B
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