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85 LTD is fuel injection I do believe.

As far as the brakes are concerned, if you don't know the history of this bike. I would pull all three calipers and rebuild them, it doesnt cost a great deal.
I use anti seize on the bolts when replacing them. in fact on any bolt I have off the bike I use it.
Replace the fluid in the brakes and clutch.
Change the belts while your at it.
Check the tire valves for ageing, waggle from side to side, if you see any cracks in the rubber, change them.
 

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Replace the fuse with an auto weather proof holder and fuse.
I dont think the LTD had alternator problems but check the state of the alternator plug on the left side of the battery just to be sure.
 
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