Sam, the wheel goes down when viewed through the oval hole in the backing plate.
I have a few brake adjusting spoons, but tend to use the 60* head on my shorter Snap-On one.
Why not pull the drums and see what's actually going on?
Tightening the cable isn't going to help the wheel cylinders do their job, and it isn't going to help the parking brake situation either, if it's already beyond that point.
It will only affect the position of the lever arm, and in turn the cam attached to it.
Jim,
Lil'Red is a '87 F250 HD, 4.10's, 1356 4x4, Zf-5, 3G, PMGR, Saginaw PS, desmogged with a Holley 80508 and Performer intake.
Too much other stuff to mention.