What if I don't change my Master Cylinder on a disc conversion?

And to equium;
-Almost right.The residual valves are pressed into the exhaust ports of the M/C.I have never pulled one out. I have never converted a drum/drum M/C.
-IIRC that brass valve doubles as the sealing surface for the specially formed M/C brake line. That would mean, once you get it out, you would have to defeat it, then reinstall it so that the joint wont leak.
-Can anyone confirm that?.

That's correct,..

Back when we used to overhaul these things,, it was standard proceedure to pull the seat out with a self tapping screw to replace the residual/joker valve (rubber),, along with all the other seals etc ...