kkid,
Having just gone through this process x4 calipers, may I recommend that you save your money or wait for Christmas to get a nice set of rebuilts from Eric at PMB? I know exactly where you are - both probably trying to understand how brakes are rebuilt but also saving yourself some money in the process.
That being said, after going through it, I wish I would have sent mine to Eric. I had several issues that I came across, including broken parts and calipers that still didn't work quite the way I wanted them to after I was done. I was in a tight spot and had to get things done before the race, but rest assured I'll send mine to Eric very soon.
The plating and inspection that he does will assure that you'll never have to rebuild them again. I had previously used rebuilt calipers on the fronts, which I ended up having to redo in less than 3 years. Not to mention when I rebuilt the rear, I had damaged parts or things that I was missing to make the calipers complete. Eric has all that stuff and he'll take all of the headaches out for you. In short, the tools and processes necessary to do them RIGHT are outside the scope of what most of us have access to. Which is kind of why I understand how people get into their own specialties. For Eric, it's brakes, for me it's carbs.
And, of course, as the Cap'n said.. its your BRAKES!