Tim, as far as bleeding ALL the air out, it will take awhile. I once changed the thermostat in our '72, and bled the air out. The next morning, I bled the system again and got more air. On the 3rd day, I bled it once again and got a little more air out. Then we left for a 450 mile overnight trip. When we arrived and after a 4 hr cooldown, I bled the system a 4th time in the hotel parking lot and got more air!
On the return home (another 450 miles) and a cool-down, I bled the system a 5th time and got no air- finally. So based on that experience, do NOT expect to bleed all the air out immediately.
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