For $110 per pair (drum brakes) you can buy new galvanized brake assemblies from Champion Trailer. 4 bolts on each side and the brake line feed and your done. Piece of cake, and all parts are galvanized. Not sure how anyone can pass that up.
May also want to consider replacing your master cylinder in the tongue of the trailer. Once that gets rusted, it just pushes rusty fluid to your wheel cylinders.
Didn't originally notice you mentioned disc brakes for a 1994. Didn't know they put discs on the trailers that early. My 2003 had issues with the disc caliper not retracting. Was a warranty issue (replaced caliper), but not before it heated up and blew out the oil seal. No issues in the 5 years since I replaced the caliper.
Last edited by kyfooter; 10-28-2010 at 02:13 PM.