LT, The rule is if your m.c. is under the floor and the fluid level in the m.c. is equal or close to the level of the individual wheel cyls then yes you require residual valves either built in's like the mustang reference or in line as close to the m.c. as possible. If you are running drum/drum brakes you will need one 10lb rated residual valve for the front and one for the back for a total of (2). If you are running disk/drum put a 2 lb residual valve for the front and use a 10 lb for the rear.
duddygoober, No, not that I've seen for the 47-53 cheby 1/2 ton pu. Its almost a bolt in with some plumbing and alignment of the rod issues.