Just as an update, the problem happened to be the brake stay. I switched out forks from the stock tapered 69' forks to 72's. When i did this, the brake stay was not in line, and consequently torqued on the brake pads, causing them to bind, and seat improperly with the drum. I discovered this when I tightened up the front end without the brake stay, the wheel would spin freely. Once the brake stay was in place, the wheel would bind up. A couple washers were used to straighten out the brake stay and get it in perfect alignment when tightened down. Presto. Hope this helps someone in the future.