All,
Here is the deal, Tim75 provided great info on gravity bleeding but I would also like to add that the order you bleed is equally important. Thier advice is to bleed the farthest brake from the master cylinder first, then the next farthest and so on. Usually this means RR, LR, RF, LF.
I had a similar problem with my '66 when I first picked it up - over time I was slowly accumulating air in the lines. In my case, it was compounded by a small, almost impercievable nick in the surface of one of the caliper cylinder walls. The nick had probably been there since the stainless steel inserts were installed but the seal took some time to get worn away in that spot - hence the slow deterioration of braking performance. I ran a hone over it to smooth it up ($5 Pep Boys), replaced the seal ($2.50 ea Zip), bled the brakes using gravity and the two-man (actually - one man one 12 year old) method and have enjoyed a firm, airless pedal for three years now.
I would suggest that you disassemble that leaky caliper and see if you can't find the cause of the leak - might just save yourself some money. As to the rotor minimum tolerance - if I remember right, it is written or stamped on the rotor.
Lance