I just remedied the same problem on my '77.
I pulled the caliper apart and popped the piston with compressed air, then plucked the seal from the groove with a pick.
Corrosion had formed under the seal. I ground a cheap allen wrench into a scraper and scraped the junk out. Cleaned the mess with brake cleaner and compressed air and reassembled.
Works fine now.
The replacement seal I ordered from 4into1 was to small and I wound up reusing the old seal.
The closed system of the master cylinder provides the suction to retract the piston.
I did also find the pin in the mounting bracket was not moving freely and had to clean and relube the pin. There are o-rings on the pin to keep out the gunk that may need replaced.