The T-Bird caliper pistons are what, Ø3-1/16"?
Assuming so, that means that they need less than 0.5 cubic inch of fluid for both to go from normally retracted to fully engaged with the disc. This isn't a fuel supply system and it's easy to get to thinking that way.
[EDIT] Assuming a Ø1.25" bore the m/c piston needs to travel about .40" to create this volume.
Stupid question, but one that I don't recall seeing discussed. Absolutely certain that the proportioning valve is in the rear brake circuit? With all of the front port/rear port confusion I can see it being mixed up fairly easily.