I would replace the boot.

Rebuilding the calipers can be tricky.

I have had several torn boots that seemed not to affect the operation of the caliper much. I have never replaced a boot but have replaced the calipers many times on the 123, 115 and 126 cars.....usually with used ones. The calipers tend to be very very long lived and not cause trouble very often on these models.

Tom W

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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.