Sorry - coming to this late.
Are you 100% sure its not the brake disk rubbing against the backing shield? That would've been my inital guess given the Shhh-Shhh noise. Bearings normally whine or grumble continuously IME. Your Shhh-Shhh nois suggests something lightly loaded rubbing due to run-out. If bent, things only have to move a few thou to stop/start rubbing. Taking the wheel off to investigate can allow things to move a few thou.
Another possibility is the drive shaft or driveshaft flange rubbing on something - most likely candidate is here is a brake pipe, so best check to be sure!
Also, whilst the rear disks were off, I'd have replaced them (and the handbrake shoes) with new. Disks are £60 a pair, and given the greif getting old ones off past the handbrake lip....
I agree with you on the handbrake adjuster wheel thing. One of the many carry-overs from the Carlton/Senator days, and it was a cr@p design then.
Cheers
Malcolm