I upgraded the brakes on my barracuda to front disc, rear drum , 15/16 manual master cylinder and dot 5 fluid 10 years ago. So far, no problems and no worries about damaging paint. Here is a good read on dot 5 fluid.
mossmotoring.com/conventional-vs-silicone-brake-fluid/
mossmotoring.com/conventional-vs-silicone-brake-fluid/