Thanks for the responses, guys.
TA525, you hit the nail on the head for both points. As I stated in my original post, I replaced both rear wheel cylinders and the single wheel lockup problem was solved.
With regard to the light still being on and the excessive pedal travel even after new pads, shoes, wheel cylinders, etc...., turns out it was the master cylinder on that one. After replacing it and bleeding the entire system, the light has gone out and the pedal action feels normal.
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