The handbrake is in fact a drum brake, so it has shoes, not pads.
Which brings back lots of memories of adjusting the brakes on my '57 Series one.
It may be as simple as some crap in the drum, or the drum may need machining or the shoes reconditioned, or all three of those things!
Either way, sounds like it would be a good idea to pull it off and take a butchers at it.
Steve

