It's almost impossible to bleed the brakes without tripping the switch at some point.
It's not really a proportioning valve either. Just a distribution block with shuttle for the switch.
There is a tool that screws into the switch hole to hold the piston in place while bleeding. That's the best way to bleed I think. You could fab your own most likely, or stick something in the hole to hold it in place (without jamming it up of course). Maybe grinding down the tip of a bolt that screws into the hole?
But in lieu of a tool, which in a perfect world would not be necessary anyway, you're supposed to be able to just push on the brakes really hard after bleeding to re-set the shuttle.
Problem is this works like crap for most of us. As in, not at all...
If that worked as it should, the light should go out just from normal driving I would think.
There was a discussion about the tool here recently. I think you can get them from Summit.
Good luck.
Hopefully there's a better answer out there than I was able to give you.
Paul