I have found that getting the master cylinders in place and connecting the lines is an absolute bear with the carbs installed. But it can be done. I have done it both ways. You will need to bleed the system because the air you introduce is sort of mid system. it will have to be pushed all the way thru to the wheel bleeders unless you can reverse bleed which is a more sophisicated approach that most hobbiest can't do. Pressure bleeding like John said is the best way that a hobbiest can do. If you have to bleed it by 'pump the pedal method' it can be laborious and frustrating, because IMO the volume of the master cylinder is not near the volume of the caliper bores and the master cylinder piston does not displace much fluid with each stroke. With the system bled up well, the master cyl. piston doesn't have to displace much to make the brakes work, but when trying to move all the fluid thru the lines the master isn't quite up to it. So a pressure bleed is better.