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I mean to clean any accumulated crap from the sensors and the signal wheels (the serrations in the rotor). Ferro-metallic dust from your brake pads and other grime accumulating in those locations may prevent the ABS from reading as well as it could.

I haven't seen that the EBC Red Stuff are much shorter lived than "good" OEM pads. The thing that hurts them the most is if they're paired with slotted or drilled rotors. Don't mix and match between front an back with any performance pad! I made the mistake of putting Red Stuffs on the back of my MR2 while waiting for the fronts to come in so I left some cheap OEM pads up front... The rear brakes locked up on me a number of times while the front wheels were still trying to move all while just trying to brake lightly. The Red Stuff pads are good for daily driving and periodic aggressive braking. They do quite well in the mountains where I ride the brakes a lot too.

How you replace the fluid depends on compatibility. If converting to a newer (and incompatible) type of fluid I use a quart or two of CHEAP stuff, the same type as I'm switching to. Drain as much of the reservoir as possible (typically by siphoning with a 1/4" rubber hose). Fill the reservoir back up with the cheap stuff. Then take off one caliper at a time and compress the piston as far as it will go. Now, open the bleeder and let it pour while someone up front adds more of the cheap stuff as the level drops until you signal that it's running clear (or whatever color the new stuff is). Do this for all four and then repeat with the good stuff but bleed as usual (pump the pedal as you work around the car. I just chase the old stuff out of the system by opening the bleeders normally and fill the reservoir if the new fluid is the same type. I'm kind of anal about this.... but I know some people who are much worse (insane routines) and I know a lot of people who absolutely couldn't care less.