I believe that the proportioning valve used in the kit I referenced earlier does not require a metering valve as described in the CRG reference material posted below:
Combination Valve
Although not used on any first-generation Camaro, all of the separate distribution/valving functions described above (distribution block and warning switch, metering/hold-off, and rear proportioning) were integrated in later second-generation disc/drum cars into what became known as the "combination valve". This valve, usually machined from brass, combined all those functions in one single device, which simplified packaging and plumbing. Multiple part numbers were required to accommodate calibrations for differing vehicle weights and configurations.