along with the other answers, as a temporary fix, lots of folks have used the compression fitting for repairs. It is usually advised that once you have to resort to this fix, think about replacing that brake line somewhat soon. it can fail again due to the rust condition already present. (it anit no fun when it goes again) But most of the time, one has the time to save up the needed $$ for a more perminate repair this way
Now for the $64 question. if One line was rusty enough to need repair/replace, It is probably a REAL good idea to examine the rest of the brake lines to see if they are like that also.
Ok, the bleeder question, the brake lines either go into a disk brake caliper or a drum brake wheel cylinder, that's where the bleeders are, they can sometimes rust shut, and when serviced the hex head part can strip, if it is at all possible to get the old bleeder out, then the $$ to replace them is minimal. IF the bleeder problem means a new caliper or wheel cylinder, that's where the $$ stars to climb fast.