Well the car has been up on jack stands for the past few weeks. I've gone over the lines and everything looks good. I've cleaned the rear drums and there doesn't appear to be any problems there. However when I run the car and spin the rear wheels, the brakes don't seem to stop the rear wheels. The emergency brake stops the rears no problem.
So the mechanics of the brakes work, but there is something wrong with the fluid side of things, either the MC, booster, or prop valve. I plan to crack open the bleed screws and see if I get any fluid. Given there's a lot more pedal travel than I remember, I suspect very little/no fluid will come out.
Guess I should start looking for brake parts