You only have to back those bolts out a bit. As mentioned, have the bolt off that holds the brake lines, the vent line (if it's still there), and remove the cotter pin and washer at the crosshaft that holds that side plate on. The sideplate will come off with the master cylinder....with the two bolts backed off as much as you can, it all drops down. Or you can leave the cotter pin alone and swing it all down as a unit.
You will, with a 99.999% certainty, not get away with slipping a rebuild kit into a used master cylinder wile still on the frame. Besides, new masters are so cheap, why would you bother?
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