Like Brett said, if you lose line pressure.....
There's a couple of options for line locks, though. One is to plumb the brake line into the driver's compartment and use a mechanical line lock. Disadvantage is that you've now got high pressure fluid in with you, and a lot of hydraulic circuit (read: PRIMARY system) behind it. Second would be an electric line lock, and you could plumb that in pretty much anywhere in the hydraulic circuit. Downsides are that you've got more wiring to worry about, and I don't know if heat build-up in the coils are an issue.
More of a concern is that you're now going to share more primary hardware with the backup braking system. Regardless of where you add the line lock, if you blow a wheel cylinder, you lose BOTH systems.
Me, I'd just replace the rusty cables.