If this is like a my '72 Eldo:
Is the axle sliding properly through the swingarm?
Is the brake plate loose on the axle when the axle nut is "snugged" up? (btw snugged is not torqued down, just snug, finger or gentle wrench tight)
Did you put a washer in between the brake plate and the bearing?
And as mentioned, does the wheel have a binding feel?
Can you wobble the wheel when you grab the top and bottom of the wheel while the axle nut is "snugged" up?
A possible important question. Do the bearings look evenly out of the wheel? Can you push the bearings in at all one side at a time? as in push the rh bearing in and it seats but pushes out the lh bearing.
There is a spacer between the bearings on my bike. It may be possible for it to be out of place and hold the bearings apart the wrong distance.
The brake plate seats against the bearing. It looks like something is holding the plate out a bit.
I would pull the brake plate and look for scratch marks on all the parts that may stop the plate from seating fully. Then if you find one with a scratch, find out why.
Sorry I couldn't give you a " it's this, do that" answer.
Good luck,
Tom