There are two types of proportoning valve, load sensing usually fitted to 75 series utes/tray backs here in Aust, or the basic valve mounted under the booster. There is no way to tell if the vavle mounted under the booster is stuffed other than taking it to a brake specialist, or, replacing all of the braking system and finding out that the rears lock before the fronts as in your situation.

The other disappointing issue is that they are not repairable, it will have to be replaced.

x 2.
Another matter of concern is the colour of your brake fluid: if all the brakes components have been replaced (master cylinder, calipers rebuilt etc, and the system bled, you should have nice clean fluid, not dirty brown crap.
I would suggest:
1. get a new or good second hand proportioning valve.
2. bleed the whole system starting at the furthest brake, (passenger rear) and work your way to the closest till you have clean fluid coming out.
3. Dont try and save on brake issues, it can end up costing you a lot more if they fail.
If you can post a picture of the proportioning valve, I can compare it with the valves fitted here in Australia. If it is the same I might be able to organize one to be sent over to you if you cant locate a valve in the states.
MB