Thought I'd post an update. I have the front section of the frame and suspension cleaned and painted and today's task was to clean and paint the drums and backing plates and install the front brakes. I was pleasantly surprised to find the rear brakes were new. I pulled the rear drums...they actually came off without too much of a struggle...and found new shoes and hardware. I replaced the wheel cylinders and washed everything down with a cleaner but didn't have to do anything else.
So, all four wheels now have new brake shoes and hardware, new wheel bearings and fresh paint. With any luck I'll get the master cylinder installed tomorrow and the start stringing lines to each wheel. After that, I plan to sand and paint the firewall. Right now it's half prime, half black paint. It should be Anchor Gray.