Mine were in the same condition. I had extra thick pads made and got one last turn of the drums but I think this is their final go-round (pun intended).
On a related topic - my 1-ton has the park brake cable and brake assembly on only the passenger side, a patch of rubber has been bolted in place to cover the driver side hole on the flange plate. Did the 1950 1-tons always come with cable and brake for both sides?