Replacing the slave cylinder and the flex hose is not too hard. You'd need a set of ramps to get the car up high enough to work underneath it safely. The slave cylinder is held onto the bell housing by a pair of large circlips. A decent quality 'snap-ring' plier is needed to get them off.
The slave can be rebuilt if the internal bore is not damaged (any water that gets into the system can allow rust to pit the inside of the slave). That'd save some money but add a bit off time. There are two kits listed on
IAP's web site so you'll have to figure which one your car has...
Here are some links to Centerline's web pages:
Clutch slave cylinder &
Flex hose.
Keep in mind that the master cylinder is also as old as the rest of the system - seems like it'd be worth replacing or rebuilding that while you have the tools out. Then you'll know the whole clutch hydraulic system is as good as new.