That would make it a whole lot easier I suspect. First though, make sure ALL the electrical connections are unclipped. I cannot tell you how annoyed and silly you will feel with the engine half way out and dragging the rest of the bike along by a lead you missed. Not that I would ever make such a silly mistake. ;-)
I also remove the chain cover and points and alternator covers to get more places to grab onto.
Carbs are presumably off, along with tacho cable, clutch cable, chain etc.
On that master cylinder, if it's OK inside, go ahead and fit a rebuild kit. If it's pitted or scored, grab a replacement new unit off ebay - but get the right diameter.