abs not working
The fronts are going to lock up no matter what you do. Also it doesn't really pump the pedal. It happens so fast on the Fords that you shouldn't feel anything. It's not like a GM where you think you are dragging your engine on the ground when it activates. I hate those things.
To adjust your rear brakes, first make sure they are all ok. No parts missing and shoes on the right way. You wouldn't believe how many brake shops are clueless.
With both wheels in the back jacked up, adjust the adjuster till you can just barely turn the wheel with one hand. I don't mean tight but they shouldn't be able to free spin at all. If you have a posi rear then adjusting the other wheel is going to require some feel.
Your park brake should only go down a couple inches now to stop it and the service brake pedal should go down even less. If they are adjusted tight like this then the ABS will be able to work right. The ABS system should be in good shape if the ABS light comes on and goes off when you start it.


