Mitch, the worst thing you can do is give bad info so dont give any at all if your really not sure... the prop valve has nothing to do with blowing out the seals....
A proportioning valve cuts down the pressure to the rear drum brakes to keep them from locking up before the front discs do. It takes more pressure to run discs than drums. But some have run (such as I) front discs/rear drums on the stock h-block with no adverse effect. It all depends on what master cyl and which brakes your running.
As far as adding power brakes, That all depends on how much pressure you are willing to live with pushing on the brake pedal. Sitting at a stop light with an auto trans can get tireing pushing hard on the brakes to keep your rig from kreeping or decending downhill with tires over 33's and trying to hold things back can get pretty tiresom without power brakes. I put front discs on before i went to power brakes and it all worked very well under normal conditions. Addind power just made things ALOT nicer!
Back to a prop valve, try the front discs with the stock h-block first,It has no proportioning effects, it might work fine. If the rears keep locking first then an adjustable valve from Willwood can be added to the rear line real easy and you can fine tune the rear braking better... or any of the Bronco houses sell the appropreate valve.. ripping one off a lincoln or anything other than a 76-77 eb would not be advised because the rate of proportion would not be correct...