Yes, leave the master cylinder open. Be sure to watch it doesn't run out of fluid while you are bleeding. This would be a great time to flush all the old brake fluid out.
Unavoidable, but that's why you're installing "Speed Bleeders". You won't let much air into the system, & when you flush it with clean brake fluid all the air will be bled out.
I did speed bleeders about a year ago. They are great. I pumped the old fluid all the way down and wiped out the reservoir. It was a little rough looking in there. I then filled and pumped until refilled and bled. Takes longer getting tools together than any of it. Fifteen minutes for both reservoirs.
I did have one unusual problem when I did mine. When I removed the FL stock bleeder the threads from the caliper came out with it!! I am not sure why but I had to replace the caliper. I think someone somewhere must of had it cross threaded. It was the first time I had a wrench on it.
Anyway good luck on these.