DYOUNG, there are more of us in your position than you know. Right now $40 would seem like a windfall, times are tight - you do what you have to do.
I'm all for doing things the right way and not half-assed, but that's what makes a mechanic different from a parts replacement specialist. Anyone can change the stock parts, but a mechanic will put things together and make them do what they need to without compromising quality.
Look at it this way, none of us have stock trucks and if we did we wouldn't spend time on this forum reading posts and helping others who need it. We've all strayed away from the truck that came from the factory to a setup that meets our needs and desires. Even if it's something as small as adding an extra gauge, bigger batteries, or even putting on a tire with a different grip or size than what crawled off of the assembly line - that's doing things OUR way.
While I wouldn't promote replacing brake line with rubber hose, I say if you can make a good, safe repair that lasts then you should do what you need to. We all could drive vehicles repaired with OEM parts, but where's the fun in that? And hard times bring out the best in people, you really see what they can handle. I think sourcing out O-rings and hose for that repair is a good thing as long as the rest of the parts involved are in good shape.