Good ideas above,my method
assuming master cylinder rebuilt right,and correct dot fluid
fill master cylinder
squeeze slow a few times,and hold.
crack open banjo bolt at master cylinder.(make sure you cover with a rag,and protect anything to keep fluid off)
Then close banjo bolt.
repeat a few times (usually 2 or 3 times will do it).you only have to lightly crack it open to release the air.
once you think you have the air out
move down to the caliper.
pump the brakes and hold
and crack open the bleeder on the caliper.
close the bleeder and repeat.
Make sure you are holding the lever in (like your applying the brakes) anytime you open a banjo bolt or bleeder.
if all goes well it should be working within a few minutes.
clean brake fluid off any paint,or plastic now
using a socket will help control the fluid from shooting everywhere, but will be a little harder seeing the bubbles.