I have owned a 1968 MGB GT for 45 years (it was a 21st birthday present from a girlfriend, now wife) which has covered 54k miles from new. Three years ago I serviced the braking system on a preventative basis, rebuilt brake callipers and brake master cylinder, new rear brake shoes and rubber hoses etc etc.
Some of the earlier (square) MGB Lockheed master cylinders are no longer available which means modifying a later part or having the original rebuilt which entails shot blasting and fitting a stainless steel sleeve in the bore and new UK made rubber seals etc. The company I used for the master cylinder and brake callipers was Past Parts in Bury St Edmunds. The cost of the Master Cylinder rebuild was £95 which I thought was good value for a 57 year old part which will easily last another 57 years. Not that I will be around to find out.
You can buy pattern parts off the web for £25. However, they tend to last 2 - 3 years before they leak and fail and are not rebuildable. Given your life may depend on not having a brake failure why take the risk for cost of a tank of fuel ? If however it is your friends intention to sell the MG asap then throw a cheap part on it and it will become someones else's problem.
We offer specialist re-sleeving facilities for Brake and Clutch Hydraulic Cylinders, Remote Brake Servos and Dunlop Disc Brake Calipers together with a complete remanufacturing service for brake servos and brake calipers.
www.pastparts.co.uk