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The front brake calipers don't have return springs, they rely on the O-ring that seals the piston to return it as it has a square profile, if these O-rings are 30 years old they could be dried out and not working like they should, replacing them might give you the results that you are looking for.
The last time I checked my front brakes there were clear gaps between the pads and the disk and my disks are original to the car (220,000 miles) so they have had very little drag over their life time or they would have wore out by now.
The rest of your project sounds interesting, care to tell us more about it? maybe start another thread on the super charging project?
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