The H=block is not a proportioning valve of any sort. It's just a simple distribution block with the shuttle and dash warning light switch. There's still some debate as to whether or not the tripping of the shuttle to one side or the other has any reduction effect. I used to think it shut off the flow to the effected lines, but don't think it does.
The primary reason that a prop valve was not used as far as I know is that instead of a control valve, the designers sized the brakes according to their position and expected use. So the rears are simply less powerful than the fronts, based on overall size of the friction surfaces and the size of the wheel/slave cylinders.
Once they started doing disc front options on different vehicles with different needs (think empty pickup beds, vs full pickup beds) and different types of valves had been developed for improved safety, we got the one commonly seen as a proportioning valve (but actually called a "combination valve") that you see most of the time from the factory, including on Broncos with disc brakes.
And yes you can use one. It might be the best one, but it's not the most versatile unfortunately. I'm a big fan of them, but have been recommending against their use for many years. Mostly because the aftermarket versions leak so often and that SUCKS!
I sure hope someone will, or already has come out with a higher quality version, but until I hear about it or see it in person, I'll still recommend the manually adjustable one (including these:
https://www.wildhorses4x4.com/category/s?keyword=proportioning+valve) for any brake swaps and most modified Broncos.
That's because you're mis-matching brakes compared to what came from the factory, and if you've modified your Bronco including lift height, tire size, added weight of accessories, etc you could benefit from being able to fine-tune your rear brakes according to your own personal needs.
The real combination valves like you are talking about has a pre-set amount of reduction to the rear brakes (the proportioning part) that might or might not be well suited to your particular Bronco. That's where the adjustable type come in handy.
Is your Bronco mostly stock that you're putting this on? If so, then a standard combination valve might work perfectly. If you can find a stock one in good shape those do not generally leak, so you'd be good there. It's just the aftermarket ones that look like a machined brass or aluminum block that leak out of the metering valve.
The other features of the stock type are still very desirable however. The "delay valve" (also called "metering valve" and "hold-off valve") delay the application of the front brakes to allow the rear drums to catch up so to speak. This reduces nose-dive on hard stops and also helps to stabilize the vehicle during braking.
Keeping the dash mounted warning lamp is a nice safety feature too.
The proportioning of pressure to the rear under hard braking is obviously a good thing, but if it's not correct for your setup, or leaks out of the delay valve, then it was not worth the trouble.
I notice that Wilwood has one of the standard combination valves now (maybe they've had it all along and I just never noticed?), and I would hope that theirs are of better quality than the ones from some other companies, but I don't know until people try them. So I still like the adjustable one.
There are combinations you can put together yourself, as most of the separate functions of the combo valve are available to buy separately. It would just be nice if they were all in one single body like the factory stuff.
As was mentioned though, no matter which you try, even the factory style can benefit from being mounted up by the master. Especially if you run exhaust headers.
Paul