Those pictured are the 4 piston fixed calipers made by kelsey Hayes and used with only a slight variation through the '72 model year.
It is the correct distribution block for '69. The proportioning valve will be a little further back on the frame rail.
Your concern is well placed. However the good? news is that most replacement master cylinders from the big rebuilders (like Cardone) use the master cylinder you have. They convert it to disk/drum use by removing the residual valve for the front brakes. It will work fine, but of course in an ideal world the disks should have a larger reservior. I finally bought a correct mc this past year from Kanter Auto.
The other way around. Proportioning valve reduces pressure to the rear to reduce lock up. Drums are self energizing and need less pressure compared to disks.