Lads I'd a massive problem with this, although it may be the cable are people aware of the actual method there is for adjusting the handbrake on an MR2?
There's cable adjustment under the car sorta directly under where the handbrake is but the hard part is adjusting the actual calipers themselves.
I'd a nightmare with this as it's very trial and error figuring out the correct method and if you get it wrong your handbrakes will go very high with very little bite.
Normally when changing pads you just push or wind the piston back then pop in new pads and you're done. With the MR2 you need to wind the calipers back to just the right position so they're tight then wind them back another half turn and out again another half turn.
I don't know how the mech works exactly but if you don't do that you will never get your handbrake right. Yes it could be the cables but if you aren't aware of how to adjust the caliper it'll never be right
Easy enough to adjust the handbrake as its done in the middle of the car under the cover - its just a bolt that goes either direction to tighten or loosen - very straight forward
Regarding Cables - jack up the car at the back (using usual safety precautions!) and look under at the handbrake cable if its moved at all (when its down)
Other than that with the handbrake cable up try and rotate the each wheel by hand (make sure cars in neutral) you shouldn't be able to move it in the slightest
Lower the handbrake and do the same with both wheels - if theres a slight 'dragging' then your cables likely to be seized
Regarding the rewind tool you don't need it for this job, just for changing the pads:
I have this set www.amazon.co.uk/Merry-Tools-HK-Caliper-...+Tool+Kit+Set+21+PCS
You only need the basic tool in this set but its as well to pay the extra few quid and future proof your tools for cars you may have in the future.
Hope that all makes sense