Hi Chris,
You can certainly service your corvette brake system once you understand the system.
Since 1965 corvettes had 4 wheel disc brakes either manual or power assist. The calipers were 4 piston floating type with lip seals and aluminum pistons. Brake fluid was and is still DOT3. The rotors were riveted to the axles and hubs then turned for -0- runout.
All was good until the car needed service and then issues came about and huge repair bills were common. There wasn't a lot of understanding on the issue of rotor runout and air pumping in the brake system. To make things worse, the rotor rivets were drilled out and the rotors faced or replaced without checking runout again. The book spec is 005" runout through 360* I set them to under 002". Rotors, calipers, hoses, master cylinders, etc were replaced without getting to the root cause of the problem.
As the cars went from drivers to collectibles they were stored for months without any concern about the brake system. Over time moisture works in the system and the brake fluid becomes acidic and attacked the cast iron bores breaking the seal at the piston causing a leak when pressing the pedal. Sometimes the brake fluid was mud like and the pistons would bind or the ID of the rubber hose swollen and locked the fluid causing the caliper to lock on and over heat with extreme cases causing a fire.
To get great brakes you need to have a sealed system, under 003" runout, bearing endplay set to 001-002 endplay, have good hoses, organic pads, and a complete system bleeding done.
So in your case you hit the brakes, the pedal went to the floor, and the dash light came on. You have a serious leak. The calipers are typically where to look but check the lines and the back of the MC can leak too. The light comes on because there is a differential switch mounted on the frame. Follow the lines from MC down to the brass block with a wire on it. The system is divided between the front and rear rotors= 2 circuits. There is a spool in the brass block that is centered when the system is correctly working and had equal pressure. When there is a leak in the system the pressure on the leaking circuit is gone - pedal to the floor. The spool in the block is moved off center and that makes the dash switch.
You have to see where the leak is. IF the front chamber of the MC then it's the front brakes. Look at the calipers and inside the tires for wet brake fluid. If the MC chamber is empty then you will have to bleed the MC since it sucked in air.
Now SS lined calipers have been around 40 years, a huge cottage industry started from corvette brakes leaking due to pitted bores so you might have SS calipers if they have been replaced but there are still originals out there. I still get in open differentials to rebuild and more vettes were ordered with posi until it became standard in 1970.
Find the leak, repair or replace the part, check the pads for being soaked with fluild- better to replace them now. Also replace the rubber hoses if they are over 7-10 years old. If replacing the fronts there are copper washers in between the hose end and caliper you have to replace them every time the hose is removed. Use DOT3 fluid and buy a Motive bleeder to bleed the entire system. clean the rotors with brake cleaner too.
Do some more homework, have a flare nut wrench for the steel lines and bleeders.
Take your time and you will get the great brakes back these cars had. You don't need fancy pads, brake fluld, or drilled and slotted rotors. Save your money for gas and drive the car!
Good luck
Gary
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