After talking to people and reading everything, there is one thing that needs to be stressed. Buy a disc brake master cylinder. I'm doing a similar conversion to my 53 Chrysler and I've been hearing more and more that you can "get away" with using the standard master cylinder.
This issue is this.... the standard drum brake master cylinder does not have the reserve capacity for fluid that a disc brake caliper needs. While everything will work right when things are good, a small leak will leave you without front brakes in a hurry.
Oh... and silcone brake fluid... it's bad... mmm'k..