I should have been following this thread, but somehow it slipped below the radar...
As a ex-AP Racing person, can I make a few comments?
The brakes fade because of the amount of heat (-energy -you're removing momentum from the vehicle) you put into them. -Changing the pads, discs or calipers does not change the amount of energy (heat) you are generating.
-As stated, when you change the caliper or discs you are changing the characteristics -typically more heat capacity, or better heat radiation / convection. So you (hopefully) move the fade / overheating point out of your operating range.
The friction of the different pad materials is generally similar -but it tends to be at different working temperatures or temp ranges. -If you do find some old DS11 pads, I wouldn't recommend them for road use: -they really need lots of heat in them to start working (at ambient temperatures, they have lower friction than standard pads -working temp range remember..).
Grooves on the disc face help to clean (de-glaze) the pad, and vent gases, as stated: but only if the pads are prone to glazing / de-gassing (this depends on many factors: -heat input, material etc). Usually 'road' spec pads don't need them.
But the other effect of grooves, which is beneficial, is that they present an edge to the pad. This generally improves the initial 'bite' of the brakes, which can give the feeling of improving the brakes. -Drilled discs can give the same effect.
While drilled discs reduce the mass of the disc (hence the heat capacity), the increase in surface area (the area of the sides of the hole) increases the radiation / convection. -But, you need to take the heat away -which is always a problem with small, typically enclosed, wheels. Brake ducts help.
It was common to put asbestos blocks in the pistons. -To insulate the piston and slow the heat transfer to the fluid.
Racing fluid has a higher boiling point than normal fluid, but is more hygroscopic -it absorbs moisture faster. So you need to change it more often. -I wouldn't recommend it on a road car. -But if you only drive in the summer, and change the fluid every season, you may be ok...
Most (all?) car of the '60s and '70s will fade their brakes of a race track -and on a mountain descent with continued brake application -there is not enough time between brake applications for the heat to dissipate. (And in a mountain descent, the rear brakes will be contributing less than when braking on the level).
If the brakes are fine for all your 'normal' driving, and you only had a problem on one mountain descent, I would recommend staying with what you've got, and remembering to compromise your driving style on the mountain next time (this is the cheapest solution!!!). But if you want new calipers, go ahead: it's your money
Modern asbestos-free pads have as good as, or better, performance than the old asbestos pads (but remember the dust from modern pads is still dangerous! -All dust and fibres are not good to breathe...). So I'd be happy to use appropriate modern pads. -Though they can be more aggressive to the discs, and wear them more.