rebuilding the rear drums is pretty easy and relatively inexpensive.
- Remove your drums and have them resurfaced if they still have enough thickness. O'reilly's or other parts stores do this for around $17 a drum.
- Buy a new set of shoes. Don't remember what this costs but it's pretty cheap too.
- Buy a new wheel cylinder for each brake. These were $12 each for me.
- Buy a new spring kit (I think they come paired), and this was around $9 for me.
- Buy a new rubber brake hose.
All of these things can be had from the auto parts store, you don't have to go through a Mustang supplier. If you don't have brake tools, get a brake tool set, which has the spring removal and installation pliers, and the shoe retaining spring tool. The set prob costs $20 and is worth its weight in gold.
While you have it apart, you can paint the backing plate and drums if you wish, I used black caliper paint and it's still holding up well 4 years later. Some rust poking through,but I could have used better product than what I did.
It also wouldn't be a bad idea to take the axle to a machine shop and have them press a new bearing on it.
The suspension is easy to do too, you will need to get a new alignment when you're done. Rather than repeat it, I'll link you to my blog posts where I explained what I did and what I changed out.
1967 Mustang Restoration: Rebuild phase 1 complete
1967 Mustang Restoration: Upper control arms: [Shelby] Drop em if you got em
