TN ONE TON,
Welcome to the Stovebolt. The adjustable anchor pin is there to provide adjustment when the brakes have been relined or the brake action is unequal or severe. The adjusting screw is tightened up until the drum drags when rotated. The area next to the loosened anchor pin is then tapped with a hammer which will allow the anchor pin to shift slightly and the drum drag will disappear.
This routine is repeated until tapping near the anchor pin results in no more centering action and drag stays constant...the anchor pin is then tightened down and the brakes adjusted in a conventional manner. I haven't done this before..just read about it.
I Don't know about the glass polishing deal, but you are right about replacement, it would get you a nice shiny clear pane without much $$ pain!
Stuart