[Steeveedee]

Trash it and buy new parts. If the bleeder is that rusted, the innards are also garbage. A kit would be required, along with a cylinder hone (if you don't have one) to clean up the pitting and glaze inside the cylinders. Looking at that corroded brake line, I'd also replace that. In fact, I'd personally go through the whole hydraulic system. That kind of old may be cool, but in my mind it is the negative of safe. Keep the patina on the outsides of the fenders!

I have a truck that has spent its life in California, but I'm going to go through the rest of the system and replace the steel lines. They are almost 50 years old, and I think that they are due. Everything else has been replaced, already.