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I just acquired a '49 Custom and I've had trouble with the rear brakes. They were very tight when I got the car and I adjusted all four wheels and bled the brakes. They seemed ok, but then after driving it a bit, I could tell they were tight again. When I went to adjust them again I noticed that if I moved the star adjuster to bring the shoes in ( i.e. backing them off) I'd get to a point where they would tighten again. After several iterations of this I have a very limited travel on the adjusters, I can only go maybe 5 or 6 clicks either way. So the manual says if you can't get satisfactory adjustment by doing the simple adjustment, then you can turn the anchor bolts. I tried that and no matter which way I turn them, the brakes are still very tight. I just test drove it and they're still dragging, especially the right rear, when I got back I couldn't touch the hubcap because it was so hot.
I don't have a hub puller ( I ordered one) so I can't see what's going on inside the drum, does anybody have any ideas about what's going on? Thanks.

If only the rears are having issues, I would disconnect the emergency brake cable at the center point and see if either side appears to be stuck. You can generally push or pull the cables slightly where each enters the housing at the frame and verify the free condition. As you said, it is kind of hard to see what exactly is happening with the drum on but the emergency brake cables being rusted in the housing or a strand or two possibly broken and jammed in the housing or even dirt can sometimes stick the cables and keep one side applied.

If all 4 wheels seem to be applied, the pedal free play or the tiny center hole in the compensating port in the master being plugged are possibilities

Don't take chances especially with brakes. Why chance damage or injury?
I won't speculate on cause but sounds like not an adjustment issue, maybe a stiction problem - rusty wheel cylinder, adjuster, spring..."stuff" in the fluid side.
Wait and pull the drums, check whole system, bleed the cylinders, flush the lines, check master, and repair/rebuild as needed. You might be surprised what you find wrong.
One should go over the whole car before one starts driving and make reliable first. If not mechanical, take to a garage. Then one can diagnose the rest of the lesser inconsequential issues found after driving; squeaks, rattles, suspension, gear noises, clock doesn't work, etc.