I've rebuilt and driven the brakes in about six old vehicles over the last 20 years or so...('41 De Soto; '64 Valiant; '59 Edsel; '55 Chevy dump truck; and some others...)
I've never had a failure in a single-reservoir system THAT WAS PROPERLY REBUILT...
If I get a vehicle that's more than 20 years old, I plan on replacing ALL the steel brake lines & flex hoses if I'm going to keep it... but I also live in a humid region that uses tons of road salt in the winter.
That said: brake systems corrode from the inside-out, due to the moisture-absorbing characteristics of DOT-3 or 4 fluids.
When I was younger, and tried to get-by, honing old, pitted wheel & master cylinders, and re-use old brake plumbing, then I had problems.
Regarding "Parking" vs "Emergency" brake... for those of us who remember MoPar's drive-shaft mounted parking-brake, you wanted to be careful about using that as an "emergency" brake: if you set it hard enough to lock-up the driveshaft, then both rear-wheels locked, and the car would fish-tail all over creation...
A dual-reservoir MC gives you better odds, statistically...
But brakes usually don't fail on a vehicle until they're about 10 years-old, minimum...
I think the Dual-MC was part of the same Federal safety mandates that included seat belts, turn-signals, and four-way flashers back around 1967...