When you adjust the PV (assuming you have an adjustable type, like on the 67-72 K-H brake package), you are changing the point at which the "kink" takes effect. This is not the same thing as changing the overall braking effect from front to rear, or rear to front.
So when people tell me they have converted to front discs, didn't add a PV, and don't have any problems with their brakes, I am guessing they just haven't tried a full range of braking scenarios from soft, feathered stop to hard high-speed braking to full-on panic stop. Because without a functioning PV, you aren't going to get optimal braking performance under all these conditions.