George,
As to expected failure of a rebuilt in a year or two - I rebuilt my master cylinder somewhere between 1981 and 1983; it is still working.
If bore is smooth, I would rebuild, especially if you enjoy that sort of thing. (I do.)
Key to longevity is regular brake fluid changes. Don't have a clue as to why the original failed when it did.
__________________
Ted
1979 240D
165,000 miles
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