Yes, bleeding the lines is mandatory and so is flushing out all of your old black brake fluid.

You can get Brembos cheaper, shop around, some sites have free shipping, tire rack did not last time I checked. Really like the Hawk pads with mine.

We can give you lots of advice, but, first tell us whether you are trying to take your time and rebuild to new condition, or, are you trying to fast/cheap in your driveway?

97 T100 4x4
97 328i
95 540i restoration project