My "scientific" approach to this: Install the discs (and pull the residual valve in the front brake circuit). Then, do a couple of low speed stops to make sure nothing is leaking under pressure, it's stopping straight, etc. Then, take it up to about 35-40mph and slam on the brakes. If the back end tries to come around on you (the truck tries to spin, or slide sideways) then you need to add a proportioning valve to reduce the power of the rear brakes. If it stops straight, it's probably overkill. Even better is having someone stand a safe distance away, on a gravel surface. Get it up to speed, and hit the brakes as you drive past them. Have them look at the back tires, and see if they're locking up earlier/at the same time as the fronts.
Both sides of the argument, from my perspective:
The original drum/drum set-up, as far as I can tell, has the same residual valves in the front and rear circuits in the brake master cylinder, the same size drums, front and rear, and similar volume wheel cylinders. This leads me to believe that up until 1975, when they did away with drum brakes, the trucks all had a 50/50 split front-to-rear braking system...When my truck still had drums all around, I didn't have an issue with the back end getting squirelly under hard braking - Because of that, I feel like you could probably get away without a rear proportioning valve...
Then again, as others have said, Toyota engineers decided to add one later, so it's probably a safer, more modern setup to add one. An adjustable valve allows you to dial in your system perfectly, for the most safe/effective braking.
Wilwood makes a good, in line, adjustable proportioning valve. I converted to 4-wheel discs, and used one - it seems to do a good job. I think it was about $40.
I built a bracket to strengthen the junction.