Here`s a good site as well..
http://www.mpbrakes.com/docs/troubleshooting/troubleshooting-chart.pdf
The reason behind the button on the prop valve is that if the valve is not centered you will not get all the air out of the master cylinder therefore the master will just go to the floor, also line hookup is shown below.
Here`s a good read from Rick L on Chevy talk forum...note bold line..
If it is a C3 Corvette master cylinder, it is for disc/disc, as that's the only way those were equipped.
The C3 Corvette master cylinder has two large reservoirs. Disc/drum master cylinders from the early 70s cars (like the 71/72 Chevelle m/c sold by many for conversions) have a large reservoir for the front discs and a small reservoir for the rear drums. The reason that disc brakes have large reservoirs is that usually have no adjuster mechanism and don't need it because there are no springs to push the piston and hardward back. So as the pads wear, the fluid level in the master cylinder drops. A big reservoir simply means that the owner can be lazy and not have to check or replenish the brake fluid. There is no downside to having a large reservoir with drum brakes. The only reason you wouldn't want it is that the disc/disc master cylinder is longer and it might not fit in some applications. Likewise you can run a small reservoir master cylinder with no ill effect with discs, you just have to pay more attention to fluid level.
The other thing about drum brake dual master cylinders is that the 67-70 models had a residual pressure valve in the master cylinder outlet port for drum applications only. This keeps a high pedal for drums, but it's not wanted on discs as they will cause the brakes to drag.
When GM went to the combination valve on the 1971 models they put the residual valve in the combination valve for disc/drum applications. So 1971 and later master cylinders won't have residual valves. So there's no difference between disc and drum there.
Last thing, manual brakes need a smaller bore master cylinder than power brakes. On the 60s and 70s master cylinders we normally use for brake upgrades, manual brakes need a 1" bore and power brakes need a 1-1/8" bore.
So, your master cylinder will be just fine no matter what rear brakes you choose. If you use a combination valve, you should choose disc/disc or disc/drum depending on which you have. I think you should be using one with disc/drum.
There is no reason for you to switch to rear discs unless you want them. You just need to be sure your rear drum setup is fully functional. The rear disc conversions that use the Caddy calipers can be temperamental with regard to the e-brake.
I have read that to tell whether or not you have a residual valve in the master cylinder is to look at the ports, if there is a brass fitting in there it has the valve, to remove it all you have to do is use a sellf tapping screw thread it into the hole of the valve and use a screw driver to pull it out