Both the master and slave should be in good shape and should have a stainless hose. Failing master cylinders are easy to spot. Look for fluid dripping down the pedal, or on the floor under the slave. If one is failing, you can bet the other is close behind, since they operate in tandem.
Flush the manky old fluid out and replace it with new fluid, either Castrol LMA or DOT 5 silicone. Silicone has the advantage of not absorbing water like other fluids, but it does have a slightly "spongier" feel. Natural fluid needs to be replaced more often.
Don’t bother with off-brand clutch components. Use only real Borg & Beck clutches and purchase all three components fresh. For stock engines, the standard clutch and plate are just fine. If the engine output has been uprated, the disc, or driven plate, can be replaced with one for a TR7. It is a drop-in replacement and gives almost 25% more friction area, while keeping the same pedal pressure. Slick.