Steve Wilkinson explained to me that it is not a proportioning valve and instead is an anti-chatter valve for the front rotors. Thus removing it will not change front to rear proportioning. He also explained that removing it definitely helps the braking system because the valve usually traps air resulting in a spongy brake peddle. Removing it is accomplished with a tee that the vendors can provide. The tee has the correct threads and bubble flares. Alternatively, the valve can be gutted and then it functions as a tee. Once gutted it does not trap air. Here is one that I recently gutted:
