For posterity's sake, I want to let everyone know that the pin at the end of the combo valve must be held in the depressed position to bleed the brakes on the Camaro front disc/rear drum setup. I finally have success and brakes. PRAISE GOD!

I found this last night on the net at www.nastyz28.com :

"RRD, get a small 90 degree braket or make one. place the brack on the proportioning valve so that the bracket holds the pin on the end of the valve in and will not let it move out. Use a vice grip plyers to hold it place. Then start to bleed your brakes. Start with the wheel that is farthest from the master cylinder, then the next farthist and so on. You do not have to push the brake peddel to the floor or push it to hard. Just use your hand to push it in 1/4 to 1/2 or untill you fill pressure against your hand. (you may not get much pressure at first or fluid). Then hold it in that position. Have some one help you to bleed the wheel cylender. Make sure that the brake pedel does not move out at all untill the bleed valve is closed. Go esey at first. You may not feel much pressure at the start just keep working around all the wheel cylenders. Make sure that the master cylender stays full don't let it get to low. After you get fluid from all wheel cylenders and a good feel on your peddel you can take the bracket off and see if the pin does not move. Make sure that the master cylender is bleed befor you hook the lines up to your brake system. I beleave that you may have pushed the brake beddel to far alowing the proportioning valve to over extend. Most of the time when this happens you will feel a click or pop in the peddel and the it does not feel right after that. The valve has blocked of the back brakes as if you had a leak keep the rest of your fluid in the front side of the system. In is made to work that way. Rember don't push your peddel to far or to hard, and don't let the peddel move out befor the bleed valve is closed. Your braks will come back."