Unbalanced brakes

Is this a proportional valve and can it be defective?
It's original and is 53 y.o.
This does not look like a proportioning valve
It looks like a simple Safety switch.
You need to add a Proportioning valve to it.
Did your dash brake lite come on, the one that indicates to you that the Parking Brake is left on?
If no, does it work?
If yes, we need to figure out why.
Was your pedal high and hard before panic braking?
Is it still high?
Here is what a Mopar P-valve looks like.
The block on the left does the Proportioning
The part on the right is just a distribution block for the front brakes.
The left and right parts are NOT interconnected except by a shuttle valve, sealed at both ends, that grounds the dash lite switch, shown at the top center, if one or the other brake systems has failed.

Drum/drum cars do not get a Proportioning valve., rather just a distribution block, as your car seems to have. The Distribution block looks very similar except for the missing integral block shown on the left.
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