I was able to get the Mityvac vacuum pump to bleed a fair amount of air out after replacing the master, but it's just not the same as doing it the tried-and-true way of having someone else push the pedal while you hold open the bleeder screw and keep refilling the reservoir. It can be fustrating when there's no pedal pressure for awhile, but so far, I've found it just takes patience, a lot of brake fluid, and a few minutes of bleeding to get the pressure back, then bleed until you don't have any air bubbles and you're good.
$1500, yikes.