Gents - Thanks for the information. I want to do this with my Shelby Europa build. I don't need to do a drum - disc conversion, the expense is not justified for my weekender. But I love adding more performance to the rear brakes. Also, in your experiences... what are the best shoe options for this drum upgrade?
I will do the research to make sure this upgrade works for my car. In the end, an upgrade to better friction material may be best.
If this is a Shelby Europa tribute, and you really want to crank up the rear brake performance, you have two options that would provide effective results. One is to upgrade the rear drum brake system as noted above (Falcon station wagon brake parts). The other is to do the rear disc conversion, while paying heed to my aforementioned Residual Pressure Check Valve being removed from the Master Cylinder rear brake outlet port as it is neither needed or wanted with a disc brake solution. Better yet, get a Master Cylinder that is designed for front and rear disc brake systems, as the bore size and perhaps reservoir capacity, will likely not be the same as for rear drum brakes.
Frankly, because the majority of braking is handled by the front brakes, a rear disc brake system is overkill unless you are really going to push the car to the max, where the rear drums and linings are truly running too hot and you begin to suffer brake fade. Frankly, unless you are going to be running a very powerful, beefed up engine with the appropriately matched power train, rear disc brakes are going to be overkill. You would be better off putting the money into high quality performance oriented tires. Regardless, if you end up modifying the rear brakes be certain to document the process thoroughly so years from now you know what parts to purchase if/when necessary (rubber hydraulic hoses, wheel cylinders, brake shoes and lining, drum brake return springs and adjuster cabling/hardware OR caliper, pads/lining.
That said, if you have a "real" Shelby Europa I sincerely suggest you leave it in factory stock configuration. Even if you never plan to sell it, perhaps an heir down the road may want or need to. If I were looking to purchase another vintage Shelby (we have a 1969 GT500 already) I would not purchase one that has been modified, especially for the price a pure stock one would command. There really is no need to do anything big on the rear brakes. They are plenty beefy as it is. IMHO.
If it sounds like I am being a bit opinionated, perhaps I am. The vehicle is not mine, so I have no real say in the matter. But, you were asking for opinions. Take mine for what it is worth. I will not be offended if you do something I suggested you avoid making needless changes. But, a change to the braking system is more than just a notion. I would consider the ramifications of ending up with a vehicle that "over-brakes" in the rear. Trying to get a good balance could become tricky. Especially on a track car. FWIW...