Brake or Hub Issue

'29 Essex
I towed the frame to the muffler shop to get an exhaust fabbed up today.  This is the first time that it's been out of the garage in 10 years.  I have new brakes on it all around and 3 wheels are fine.  One wheel "hangs up" once with every wheel rotation.  You can hear the brake drag.  I have the brakes adjusted all the way in and have the back shoe adjusted all the way forward. 
Is this "hang up" the result of an out of round wheel or is it a brake issue?
I would think that it's nearly impossible to true a wheel hub on one of these cars.
Ken
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