It most definitely needs to be bled! The manifold is the master cylinder for the rear- it does have a small adjustment at the plunger. You can adjust the plunger by loosening the jam nut and lengthening or shortening the plunger, but this is for fine tuning the pedal.The emergency brake is mechanical by adjusting the bolt and jam nut. Find someone to press your brake pedal while you open and close the bleeder located at the top of the caliper. The bleeder needs to be cracked open and snugged back, press the pedal and barely open the bleeder to release air then snugged back as soon as fluid flows or the pedal goes all the way down. This is repeated as many times as it takes to achieve a firm brake pedal and the brakes lock up. You have air in the line, if you replaced both caliper & master cylinder then that's why there is air as some fluid escaped and created an air pocket. There are many posts about bleeding brakes here on the site
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