What Johnny said!
If it was mine I would head out to the Hardley Fergusen dealer and get me some S-100 motorcycle cleaner. That stuff is like detailer in a bottle. Before I did anything I'd pull the tank, seat and the battery and clean everything up with the S-100. A sponge and a couple of old paint brushes are great to loosen dirt in all those nooks and crannies. When you're done, all the other jobs will be like working on a new bike.
You also want to get a can of DeOxit electrical cleaner and start a program of shooting a bit of it into every electrical connection you can get to. These old motobricks have a lot of electricity running around in them, and you don't want it not getting to where it needs to be.
Sounds like you might have a bad rear master cylinder. If it is, the good news is that some of the inmates here have found a $6 replacement from China that takes an afternoon to retrofit and works at least as good as, if not better than, the original.
The rear pad thing sounds like a sticky caliper that will probably require a tear down and clean up.
If Johnny's Pledge on the tragkorbs doesn't work, an option is to hit them with a coat of flat black followed by DupliColor Matte Clearcoat for wheels, followed by a very light wet sand with 1200 grit. I have done several sets with it, and it's as close to the original finish as you can get. Makes them easier to clean as well.
From the pictures, it looks like you might have gotten a pretty nice deal on a real mile muncher.