If it were mine, I would reassemble and adjust the brake linkages Then I'd put the car on the ground and drive it.
You don't have a locked differential. The rear axles will spin at different rpms.
Like George said, chances are pretty good that your frame is sagging.
Here's a thread that may help: http://www.fordbarn.com/forum/showthread.php?t=165461&highlight=sagging