Black sludge is not good. Black sludge use to be black rubber. In my opinion, you might buy some time with a good flushing, but really it's time for a hydraullic system overhaul. I'd seriously recommend useing only new brake fluid to do any flushing. If you think a "power flushing" is needed, try pushing the brake fluid through as hard as you can. Like with a large seringe or a turkey baster type of tool. Air won't hurt anything, but once your flush solution is vaporized, it isn't flushing anymore. Be very careful of what you contaminate the system with. New brake fluid is ideal. There are many chemicals that are hard on the rubber parts, and many other chemicals that will promote oxidation on the aluminium parts. Anything that won't clean with new brake fluid is a problem that flushing ain't likely to cure anyways. Hoses deteriorate from the inside. They flake away and the accumulated flakes can cause blockage. Flakes can also remain partially attatched and act as a check valve, allowing fluid to flow in one direction, but not allowed to return. (or return too slowly) When that's the case, there's nothing you can do but replace them. By the time you can see old dry cracks on the outside, just about rest assured they are :sensored: on the inside.
Really, the only defense you have is the preventive maintenence of flushing with new brake fluid periodically. You can get the big bottle for six bucks. Maybe half an hour to flush the whole bike.