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Well, needless to say I couldn't get the piston
out of the caliper after I separated the halves. So, the
easiest way to get that thing out, is to hook it back up to the
brake line. I had to put the bleed screw back into the
caliper obviously. I was careful to keep the brake cylinder
(on the handlebars) filled with brake fluid - the last thing I
wanted was to have air all over the place in the brake
lines. The piston came out of the caliper with just a few
full "pumps" from the front brake lever.
After everything was off of the bike, I cleaned it
all. There was a bit of buildup around where the piston sits
in the caliper, but it all came off rather easily with my
fingernail. I sprayed a considerable amount of brake cleaner
in the caliper to help to loosen the grime that had accumulated
over the last 10-20 years of sitting. When I was done
cleaning, the inside of the caliper was pretty much
spotless. I carefully inspected the rubber seal on the
inside of the piston. It appeared to be in very good
condition (no cracks, no dry rotting, no big dents). Before
I took the piston off of the bike, I did check to see if there was
any fluid leaking from the caliper, there was not. I decided
to not replace the seal since it was in such good condition - but
if the seal showed any signs of cracking, etc - I would have
replaced it.
Making the caliper look a bit better...
I really wanted the caliper to look better than it did before
I took it off of the bike. I was determined to strip it down
and repaint it. The existing paint on the caliper came off
with little more than a little elbow grease and a medium steel
wool pad. Here's what the caliper looked like after
stripping most of the poor paint off. I was sure to
"sand" down any spots where there were bubbles under the
paint to the bare metal. When I was done, the caliper had a
very smooth feel to it.

I then plugged the holes with tightly wadded paper
towels (a poor man's plug), and masked off the side you can't see
in the picture above (the side that mates up with the other half
of the cylinder) with painter's masking tape (the blue
stuff). I then painted the two halves of the caliper with
high temperature engine enamel spray paint. While it isn't
necessarily brake fluid proof, it is high-temperature
resistant. I've used the paint before with good success on
other motorcycle parts. Whenever you repaint anything,
always use multiple thin coats instead of one thick coat (I used
three coats separated by 4 hours drying time for the first two,
then overnight for the last coat). Here's the finished
product (click to enlarge):

After
allowing the paint to dry for a couple of days, I then recoated
the piston seal with new, fresh brake fluid, and applied SILICONE-BASED
brake grease to the backs of the new brake pads, as well as the
outside edges of the pad backs (not to the pad material
itself). To reinsert the caliper piston, place the caliper
on its back and carefully put the piston in the caliper on top of
the seal (the hollow part of the piston should face the caliper,
and the closed end of the piston should face you). After
lubing the piston seal with clean brake fluid, push down on the
piston with an even pressure (use a small 2x4 scrap if it
helps). I then placed the brake pads back in (remember to
"pin" the back side of the pad or pads to the caliper -
if these pins are broke or missing - replace them!). Lastly,
I assembled the rest of caliper back together the same way it came
apart. Back out to the bike...I cleaned off the
brake disc (rotor) with some brake cleaner and then slid the
caliper over the disc and carefully realigned it with the holes on
the fork tubes. With the help of a friend, we put the spring
back in and threaded the caliper adjustment bolt through the
spring. This procedure may vary for you depending on exactly
what model you have, but be sure to either note or take pictures
BEFORE you disassemble the caliper so you know how it goes back
together. Well, everything was back on the
bike. All we had left to do was to bleed, bleed, bleed.
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