Great, thanks guys.

After studying the thing for a bit today I see why there is no need to bleed it; unlike the brakes on a car, it's not a closed system so eventually any air will just make its way back to the reservoir - and bubble out. Ah, but it's nice to be a simpleton.

Now, if only I can find something that resembles a hydraulic filter on this old thing...

I opened the tranny today, and except for some serious wear on the reverse gear, everything seems intact. There is water in the oil, draining and refilling should solve that problem. There is quite a bit of thick, greasy residue inside the housing. Should I just not worry about that - or go to the effort really clean the whole works before refilling and closing her up?

The clutch is of the normal variety, and seems to be working, so I was pretty excited about that. Progress is always uplifting.