The brake proportioning valve does NOT change the proportioning of front/rear braking, despite its incorrect name. It simply limits the MAXIMUM pressure that can be applied to the rear brakes, the idea being to prevent the rear brakes from locking up. When you add weight to the bed of the truck, the rear end lowers and the arm described makes the valve increase the rear braking limit. This works quite well -- the more weight you have in the rear end, the less likely you'll break the rear end loose on braking, so the more pressure can be allowed at the rear brake cylinders.
You risk a lawsuit by disconnecting it. Suppose you do, then lock up the brakes, spin out, and hurt someone. Would you have locked up the brakes with the valve intact? No one could say, but how would you defend yourself? Do you really need the risk, both of the accident and the liability?
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