I fought the brake issue the entire time I had my Champ (recently sold). I sure couldn't warrant spending the $4,000+ bill to convert to the hydraulics. My Champ had the Van Sickle style that required welding tabs under the boot cowl for the master cylinders to have a mounting bracket. Had one AI tell me we could 'build our own' and get it approved and another AI tell me it wasn't possible since there is already an approved and STC'd brake conversion kit available. Since I was on floats 90% of the time I just gave up.
These little planes don't need much for brakes, the problem that arises is when a person (me) puts on big tundra tires and finds that the extra big tires make the stock brakes feel like they are non-existent.
Everything about your Aeronca, not Chief or Champ or Sedan specific.