You probably have a wheel cylinder bad. When you take the brake drum off look between the brake pads at the top, htere is a littlie round cylinder that the brake line runs into that is probably your problem. They only cost about 12-15 dollars for rebuilt ones and are fairly easy to change.
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73 coupe, 351W, GT-40 heads, edlebrock 750, offenhauser intake, .488 lift cam, 2.5 exhaust, 2 chamber flowmasters, blah, blah, blah...
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