You can raise the pedal by adjusting the rod into the master cylinder. Undo the lock nut(s) and turn the shaft using a spanner on the flat part. (You don't get much braking from the rear anyway - that's why the disk and caliper are smaller than the front.)
10mm wrench is all you need to bleed them. Loosen the bleeder bolt, put some rubber hose on the end of it down into a can with new brake fluid in it, then start pumping the brake, making sure to keep the resivoir full. Do this til you dont see bubbles in the can anymore.