Yes you can take the rubber brake line off and put a new caliper on. Why do you need to replace the caliper? If you're going to disconnect the rubber front brakeline you may want to get braided steel brake-lines - they won't expand under pressure like the rubber ones and will perform better. If you're not going to change your brake lines - make sure you don't lose the copper washers when you take the lines off caliper.
That is correct it is the bleeder volve next to the brake hose.
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