Yes. Crack open each bleeder valve starting with passenger rear, driver rear, passenger front, driver front. Loosen the "bleed screw" on your drums/calipers until you see fluid starting to dribble out the tip. DO NOT PRESS THE BRAKE PETAL, as pressing the pedal would force excess fluid out of the lines and upon releasing the pedal would simple pull air back up into the lines, thus wasting the fluid. You want to crack the bleeder screws and let the brake fluid dribble out thus forcing any air in the system out.
1. Crack open all 4 bleeder scews until all 4 are dripping about the same rate.
2. Leave all 4 lines open, be sure to keep sufficient fluid in the MC resevoir.
3. After lets say 10 minutes (shouldn't take this long, but better safe than sorry) close all 4 bleeder screws.
4. Refill MC and test for pressure.
Honestly, the time the screws need to stay open depends on how fast the fluid is coming out. You certainly wont "hurt" anything by simply letting the fluid run out on its own other than the mess having all 4 bleeder valves open creates. The point of letting the fluid run through the lines is that as long as the MC remains full, once new fluid goes from the MC to the brakes, there will no longer be air inbetween. The longer you leave them open the more likely you eliminated all the air in the system and there is nothing but fluid between your brakes and master cyllendar.