If nobody rebuilt the caliper since 74, this is not unexpected.
I fixed my caliper - read unstuck - when I got my K0, but it would always talked to me while riding - sometimes more, sometimes less.
When I went to dual setup, I rebuilt both calipers, fresh rings and such, replaced hoses and brake fluid and used vacuum grease to lube the pad.
Knock on the wood, she is quiet and there is no drag at all.