What you pictured is not the proportioning valve, it is the shuttle valve. It acts as a safety device between the front and rear brake systems, if there is loss of fluid on one side (unequalized pressure) the shuttle is pushed over to effectively seal the leak so you do not lose complete braking ability on the other circuit.
You can set the shuttle off when bleeding brakes with a power bleeder, keep the pressure below 5 psi and you should be okay.
Mike Dailey's Pantera Place provides a good breakdown on the proportioning valve and many other good tech tips.
http://www.panteraplace.com/page199.htm
Julian
PANTERA INTERNATIONAL
A DE TOMASO CAR CLUB
Presents the De Tomaso Forums
The On-Line Meeting Place for De Tomaso Owners and Enthusiasts From Around the World
Clicking on the banner will take you to the sponsor's website.