Thanks for the informative explanation. So basically from what I said and what you have said, the vast majority of the brake system can be exchange in a normal manner with the exception of ABS modulator.
One of reasons for bleeding the lines to begin with is because of the high brake fluid temperatures affecting the fluid itself, but more importantly the fact that the fluid takes on moisture over time which can damage the brake components like the calipers. From my perspective, why even worry about the small amount of fluid in the ABS modulator (unless there is air in it). With some simple bleeding tools I could easily exchange the fluid on my bike with some high quality fluid each year to prevent the damage caused by moisture. I would still be renewing the vast majority of the fluid. It's like doing a oil change, do you ever really drain all of the old oil out of your engine before putting in new. If I'm wrong in my thinking, convince me otherwise.