Robert the residual pressure valve is primarily to stop the fluid backtracking when the master cylinder is below the level of the brakes.
Their purpose is not to compensate for excessive pedal travel.
A firewall mounted M/C shouldn't need it as it has gravity on its side.

Too much travel at the pedal is usually caused by incorrect pushrod adjustment,wrong pedal arm ratio,too much clearance at the brakes or air in the system.
I think i'm correct in saying you're running discs on the back?
I had a similar problem until I found out you can adjust the 'venting clearance' on the rear calipers as part of the parking brake mechanism.
Simply adjusting them considerably reduced pedal travel as the rear pads had much less travel before contacting the disc.

Last edited by jockbolter50; 05/07/2014 8:48 PM.

1950 Chevy Advance Design 3100 in Scotland
In the Stovebolt Gallery
More pix on Flickr.
I've definately got this truck thing in my blood ... my DNA sequence has torque settings
"Of all the small nations of this earth,perhaps only the ancient Greeks surpass the Scots in their contribution to mankind" Winston Churchill.