Bill,
That particular parking brake is like an old Go-Kart mechanical caliper.
As the pads wear you can adjust by relocating the lever using the stud on the back but they are notorious for making noise and locking up and not releasing.
Lubricate the rails of the caliper and then make the final adjustment at the cable connection by the hand brake lever.
This guy is kinda screwy but you get the idea of what you are trying to do anyhow.