BikePeddler:
It is with great enjoyment that I follow your thread. Now I know why the people on this sight got such enjoyment out of following mine.
Glad your chrome polished up as well as it did. Sure it is still not perfect, but the question to ask yourself is, "Do I really want this car to be perfect? And if it were, would I really feel comfortable just driving it?"
With regards to your brakes. If they work well enough that you can actually drive the car, and the calipers and the wheel cylinders (I'm assuming the rear brakes are drums) do not leak, then the sponginess you feel in the pedal I would think is in the master cylinder. The whole system might just need to be bled.
I replaced the master cylinder, the flex lines, and some of the steel brake lines in Snow White. When I took the pads out of the car, not only were they brand new, but they were so new that I could still read the Mercedes parts numbers on them. The rotors all round in my car were surface rusted, but no pits or divots, so I just left them in place. Same with the calipers (all four of them).
They are there to this day. One thing Snow White does really well is stop. No issues. No pulling. No chattering. Just drag it down and stop.
To make a long story short, I think replacing the calipers, rotors, and wheel cylinders in your car might be money wasted. Just my two cents by the way.
Your seats don't look all that bad in the pictures, though in the pictures it looks like the driver's seat is a different colour than the passenger's. Also not sure if those seats are leather or MB Tex. A data card, which is free to you if you ask, will tell you what was in our car when it was built.
Don't worry about the state of the convertible top. Put a softball sized hole in the passenger rear quarter and lose all of the rear window to confetti and you have basically Snow White's top when I bought her. It is not the canvas you need be worried about. It is the frame. Does it raise and retract? Do the latching mechanisms actually latch like they are supposed to? This is important. Parts and labour to install a new top is about $1500.00. The frame for the top is $10,000.00.
I think BikePeddler that I am only different from other people on this sight only in that I do not have unlimited money, and thus I have been economical in my resurrection of Snow White. I did a good job, I had a whole lot of fun, and I love my car.
May the same prove true for you.