2manycars; Your problem is worth solving before you spend the big dollars.
When you say,
"I cannot turn them down without binding," What exactly is is binding?
Is your emergency brake "On?"
Is your brake pedal "free play" adjustment correct?
Rub some chalk on your brake shoes,install the drums and road test the car to see what part of brake linings are contacting the drums.
With the brake drum removed, turn those "dots" and carefully examine what happens to the adjustment. Could it be that the brass inserts in the bottom anchor holes are incorrectly installed? The stock 40 brake drum lining was 1/5 of an inch thick according to the 1935-48 CHILTON's MANUAL, page 437. Check yours for variation on all your wheels. Also, could it be that your brake linings are oversize with the ends of the shoes rubbing against the drum surface and the middle of the shoes are not..
Post photos of your situation. It would be interesting to see and possibly solve right on this forum.
Finally, do a Fordbarn search "Adjusting 40 Ford brakes" Lots of good info and problem solving, like this:
https://www.fordbarn.com/forum/showthread.php?t=239589&highlight=adjust+1940+brakes
Be sure to read all of this thread about adjusting 40 brakes.
https://www.fordbarn.com/forum/showthread.php?t=235995&highlight=adjusting+40+ford+brakes