I was in your position a year ago - bought a Mark III, but in my case, since it had been sitting mostly unused for years, both brakes were completely shot.
The seals in both master cylinders were done, fluid was leaking out of the front and rear master cylinder, and the rear caliper was seized.
I had to spend some coin on new mufflers, seat, and other things to make the bike look nice and presentable, and i ended up justifying to myself that I would be OK with "Just Enough" spent on the brakes.
l had the rear caliper rebuilt by OldBritts, and bought the rebuild kits for both master cylinders. When I opened up the master cylinders to install the new seals from the rebuild kits, i realized the pistons were badly corroded. But with a little rationalization, I convinced myself it would be ok with some cleaning up of the pistons, plus the new seals.
I put new pads on at the same time - but the end result was to almost get the brakes back to the condition when the bike was new. A few weeks ago, I realized how inadequate this is, as I slammed into the back of a Honda Accord which had stopped suddenly in front of me. (I would have been able to stop in time with one of my other, modern, bikes).
I have since gone the route of stainless lines, and had the front MC resleeved (OldBritts).
However, I am still not satisfied with the brakes.
Moral of the story - put your coin on this upgrade and DIRTFT! (Do it right the first time).
PS - my Mark 3 has a kick start lever, but I think i have used it once in a year - the electric start works perfectly.
Keith