You can do it by pulling a vacuum on the resevoir for a minute or so, remove vac and pump pedal about 20 times. Pull vac again, remove, pump. Do this til pedal feels nice and good.
Or you can just pump the hell out of the pedal until all (hopefully) the air eventually works its way out.
When installing a new slave, you can either install it dry, or what I like to do is to compress the slave, put the line from the slave into a bottle of brake fluid (always use a fresh unopend bottle when adding fluid to system), the release the slave so that it sucks up brake fluid keeping the line in the fluid. Install it into the trans, then when you are putting the trans back in the car, before you seat the transmission to the block, with about 1.5 to 2 inches between block and tranny, reconnect the hydraulic line to the slave, that way when you seat the tranny, it helps force air in the line back up into the resevoir. Then just pull vacuum on the resevoir and you are pretty much good.
I made a "bleeding cap" from an old shelby brake fluid resevoir (one of the aluminum ones) and dripping and tapping it for a 1/8" npt nipple and using a vacuum brake bleeding tool to pull vacuum.
Also, I made myself a handy plug for capping the hydraulic line when i remove the tranny by taking an old slave cylinder, cutting the connector off the line, and crimping the cut end. When taking the tranny out, disconnect the line, pop your clip back in, put your plug in, and there you go, no half quart of brake fluid dripping all over the place until the level drops in the resevoir.
