Generally a proportioning valve is used on a car with front disk/rear drum brakes. Since disk brakes typically require higher line pressure than drum brakes, a proportioning valve is there to limit the pressure to the drum brakes, since otherwise the drums would lock up long before the disk brakes start working effectively. Most OEM proportioning valves have no adjustment, as they were set by the factory. Aftermarket valves have an adjustment, since there is no way of knowing what the correct ratio should be.
My first thought is a simple one; is there any chance that it is plumbed backwards? If it was you would have virtually no pressure to the front disk brakes, and would be stopping on the rear drums only. Boy, would that be slow stopping!
Marty