[johnnyrod]

First off, if the brakes aren't binding then don't waste your time and money on stripping the calipers, it will achieve exactly nothing. Not sure what the feeler gauges are for, valve clearances and/or plugs I presume. Anyway I think the bottle is for the old fluid but I've never used one of those so I can only assume. Yes if you let air in then you just flush it through, new in at the top, old out at the bottom. Yes you can also do this to empty the system but really you'd first use the pressure to pump the pistons out of the calipers (but you don't need to unless stripping them, obviously).

All you really need is an 8mm spanner, a bottle of clean brake fluid, and an empty bottle. These vacuum/non-return valve jobbies are nice but not essential. When you pump the brake lever, it pushes fluid, when you release, it sucks it back again, until it's almost at its rest position. At rest it allows fluid to flow by itself in and out of the reservoir, so there is no pressure in the system and it tops itself up automatically. As you pull the lever, the first thinig it does is shut off the reservoir, then it pressurises whatever is in the cylinder/calipers/lines. No mystery really but if you know that then you can figure out how to go about it.

Hope this helps