Wildbill, I would wait it out until weather gets better, then go after it or try to bleed the clutch cylinder and possibly get it running now, but not scrap it.
I have an 84 Ranger that needs a lot of attention but its worth it, cant buy another vehicle for the cost of the misc. parts from time to time. Cant count labor into the equation!
If you need the rig for just a basic driver so you can park the big truck it may be almost there. Get it running and tinker with it as you go.
My .02 worth
Ok, here's an update, the local high school auto shop got the part for me yesterday, now the fun part begins for them, turns out the bolts on the firewall are stripped so they're having an interesting time trying to get the old one out. I'll be paying for the part on Monday as I won't get my paycheck into the bank until sometime Saturday. Hopefully by the middle of this coming week I'll have the Bronco 2 back and at least see how its going to do. Kind of worried about it hearing all the stories of these master cylinder bleeding procedures on here being a pain in the a**. I'm thinking once I get it home and if its drivable after this master cylinder replacement I'll start driving it to work which is only 4 miles from home, with the weather getting nicer I will probably switch back to my bicycle here pretty soon anyhow since gas prices are getting outrageous again, which will save me quite a bit of money in fuel, and thus giving me extra $$$$ to work on the Bronco 2 this spring and summer. I know next on my list is getting new tires, the ones that are on it are I think hanging in there with faith right now they're crap. Then will come the exhaust system replacement from the headers to the tailpipe sometime this spring or summer as well. Once those items are done I can concentrate on body issues with the rust.
I'm definitely going to hang onto it, even if I have to park it for a while until I can get parts coming in for it. Sounds like the auto shop teacher at least has messed around with this type of master cylinder mess before so I'm keeping my fingers crossed that they get this thing working here soon.
I got to thinking the day after I posted this, that I knew what I was getting into buying this bronco 2, I spent the money on it over a 3 month period making payments, why scrap it now, it runs pretty good for being almost 30 years old. I bought it to use as a daily driver rather than a showroom car, but I'm still going to have to at least take care of the rust problems as soon as I can or the whole thing will be a pile of rust in a few years. I'm thinking some cutting and lots of primer at least to slow the rust down until I can start getting body panels.
Luckily I've got the local high school auto shop doing most of the labor since I wouldn't have time with my work schedule to get anything done, plus the cold a** weather and no enclosed space to work in would have put a quick end to repairs. So with the high school shop doing a lot of the work has saved me literally at least a couple grand in labor alone by now. Head gaskets, the whole flywheel coming lose problem, now the master cylinder for the clutch.
I think the bronco 2 has a permanent home in my driveway at least, I can't see scrapping it now, I have too much time and money tied up in it, and overall the drive train is in pretty good shape, just the interior and exterior shape isn't the best right now.
Thanks everyone for the criticisms and inputs on this matter. I really appreciate it. Makes me realize the problem could always be much worse. Once its running descent enough from all the little issues here and there, I'm going to be adding my trailer wiring harness to it and probably start using it later on this summer for pulling a trailer to haul some firewood.