Mr Dane, I think this is it exactly. Pulled the belt, noise continued, pulled brake and nothing dragging or loose, shoes are 2 months old, as well as wheel cylinders. I was planning to convert my SM420 from closed to open as I have the correct ‘54 trans and driveline. In addition my flywheel is sharp and occasionally grinds before engaging, I have the correct flywheel(s) as well. So in we go!