I would use a better quality of rubber line to replace that hose, such as cooler line for auto trans coolers or high pressure FI line. Some of the cheaper line that is commonly used for basic low pressure fuel line or vacuum apps can blow out so easy that it's not funny, even in a low pressure return line. You're looking for line that when you closely view the cut end, shows a lot more filaments in it for strength. Teflon lined will work too. After you fill the reservoir back up first time after repair, stand over it immediately with more fluid in case you have to add quick. Pump can damage after only a few seconds with no oil. Then check it later after a sit, if it pulls air, will atomize air in fluid enough that you let car sit to work bubbles out. Refill again to level if necessary. If you're looking to change most of the fluid, make sure you cycle steering lock to lock to purge much more of the old stuff out. I wouldn't dump that cooler, Ford wouldna spent millions on cars to put it on unless they felt it was a problem.