The previous owner of my '67 had a disk brake conversion done by Scarebird in Seattle. All seemed fine, but during a recent drive I found myself fighting some drag. All four disks were quite hot. I jacked it up and both front and rear disks can be turned by hand, but with some noticable drag.
I disconected the brake pedal to see if the rod adjustment was off... all good there. The booster (11") and the master cylender seem new.
My next guess is the portioning valve... I don't think that I have air in the system as the pedal feels firm.