If the trailer is that old it may actually be more cost effective to replace the trailer. When you start getting into doing a rebuild of this magnitude the costs can be pretty substantial to where you are paying well beyond what the trailer is worth to fix. Furthermore, if the brakes are that bad from sitting for so long what about the rest of it?
I would definitely recommend if you go forward with this to consider replacing the surge w/drum brakes setup to electric actuated disk brakes as a superior solution and pretty much the standard today. Your tow vehicle does have to be wired for it, most are these days.
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