RE: "Proportioning Valves" w/regards to our rounded-line trucks. The following is taken verbatim from the '74 manual (pg 5-7):
"All models have a combination valve. The combination
valve is located below the master cylinder on P models
(without Hydro-boost), on the crossmember on C-K
models and P models (with Hydro-boost) or on the frame
rail on G models. The front and rear hydraulic lines are
routed through this combination "metering" and "brake
failure warning switch" to their appropriate wheel
cylinders or caliper.
The metering portion of the combination valve tends to
"hold off" front hydraulic pressure until the rear brake
system overcomes their pull back springs; then pressure
is allowed to flow with the result being a good
distribution of braking effort.
The brake failure warning switch portion of the
combination valve "senses" a loss of hydraulic pressure,
if a failure should occur and turns "on" a red light in
the dash to warn the operator of the failure."
Re: Failure of the stock brake system (pg 5-2)...
"The combination valve (near the master
cylinder) detects the loss of pressure and illuminates the
brake alarm indicator light on the instrument panel. The
pressure loss is felt at the brake pedal by an apparent
lack of brakes for most of the brake travel and then,
when failed chamber is bottomed, the pedal will harden.
If a vehicle displays these symptoms, it is a good
indication that one of the systems contains air or has
failed, and it is necessary to bleed or repair the brakes."
The combination valve on a K is on the front end dropmember/crossmember.
Nevertheless, the initial problem doesn't seem like a proportioning valve or metering problem. The problem is likely vacuum (indicated by the lack of "braking power").....except in the case that the pedal is, as Irish inquires, "spongy".....then there's likely air in the system. Bleeding brakes is a pain-in-the-rear and done best with two people several times over. As a result, most people don't bleed their brake systems properly. And most DIYers don't realize that a "new" MC needs to be properly bench bled before install.