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Thanks Harvey,
So it's most likely the brake band.
I'm pretty sure it hasn't been touched on this car, as nothing else has been...Tranny fluid black as coal...really burnt...so I may try to tighten the band, but figure it's totally burnt up...but maybe a brake band adjustment and a fluid change might wring a few more miles out of it...
Thanks for the answers guys,
__________________
Huck
Subaru Ambassador
92 SVX LS-Tour Magnaflow Exhaust, 5-Spd-AWD 
88 XT6 AWD 5-Speed "Bride of FrankenWedge"
15 Impreza Premium Sedan
15 Crosstrek XV 5-Speed
My 5-Speed "How-To" Write-up
1976 Pontiac Firebird Formula
Current Count of Subaru's Owned.... "70"
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