The proportional valve is a Load Sensing Proportional Valve (LSPV). It's dependent on the amount of weight you put in the bed or needs to be readjusted if you put on a lift. As the bed gits closer the the axle, the connecting rod closes the distance in the valve. As you press on the brake, the valve rod extends out to contact the connecting rod and this will increase the amount of brake fluid (pressure) to the rear brakes. The anti-skid portion should be in the engine bay if you have this feature. Follow yer brake lines from the master cylinder and you should find the anti-skid device if you have it. My 1993 T-100 has one that has the power steering fluid going through it.
I had to smack the crap out of mine on the outside with a 2x4 to break any crap inside of it free. Mine was not allowing enough pressure/fluid through it as well. I jacked up my differential and could spin my tires and jam on the brakes. The tires would still keep rolling!
I've been looking fer a spare one to tear apart so I can show people what it's made of and what servicing you can do to them.

Anyone got one lying around that they don't want?