Just to bring closure to this thread. I purchased a new set of rear brake shoes to see if that made any difference. Shoes were the only thing I didn't triple check. Any suggestions i got from Stovebolt I tried but nothing worked. Unfortunately the new shoes did not fix the PB problem! The PB lever still hits the axle before engaging and the wheel cylinders are still screwed out way to far to get the slightest hint of a drag. I'm stumped! Thank you to all who helped. Looks like I'll be driving without a parking brake.