If your PU is indeed a 62, you will have to do some major changing to upgrade the master cylinder. The 62 has a hydraulic clutch. The brake and clutch master cylinder is a one piece assembly. If you want a better brake master cylinder, you will have to rig a seperate cylinder for the clutch. Although I am a strong believer in a split master cylinder system, on that application, I think that as long as ALL brake lines -including hoses - are new, you will be all right. Of course if you go the disc brake route you will have to change the cylinder to make everything work right.
As far as towing what you described, it will work just fine. It will be slow, but it will get you there. You do need brakes on at least one trailer axle, though. Hope this helps. Joe