I use a vacuum pump brake bleeder. I know Black2NA made his own positive pressure brake bleeder that worked quite well. I prefer either of these methods over the pump-and-dump method, but particularly the vacuum method. 
I like the vacuum bleeder because it makes any trapped air bubbles larger and thus easier to pull out. I also like it because the vacuum bleeder's catch tank is less than the volume of the master cylinder's reservoir, so as long as I top off the master cylinder's reservoir when the catch tank gets close to full I never pull air into the brake line. I can also use it to bleed clutch lines and other reservoirs (brake, clutch, power steering) before flushing their systems with fresh fluid. 
Either vac or pressure is better than pumping, especially with an older car, because if the brake master cylinder piston is pushed through a part of the master cylinder's bore that has some contamination or corrosion you can wreck the piston seal and thus trash the master cylinder. Ideally the cylinder is flushed out frequently enough to avoid this. However, you rarely know if the PO(s) flushed the fluid enough to avoid this, or if a little piece of crap accidentally got into the brake fluid reservoir at some point. Ask me how I know...