No, all you need is just removing 'O' clip to take it out and reinstall. Glad to hear that you took care of it. I was going to mail you a couple of them for free BTW, but there's no point waiting several days to arrive I guess.
You see, there's a spring and bearing inside, so fluid will come out but air won't get in when you press the pedal. That's the convenience of these speedbleeders. You just make sure not to drain the fluid completely in master cylinder.
http://www.pdm-racing.com/products/brakes.html