The proportioning valve should have shut off the flow to the front or rear depending on where the failure is so you should not loose everything. I have not seen a proportioning valve cause a total loss of braking. I would suspect an internal failure in the master cylinder. You said you were able to get pressure out of it but I would take a closer look at it.
Fred


1956 3100 Pickup/Red/350/3sp OD/PS/Disc Brakes
1957 Bel Air Sport Coupe/Red/355/TH350/PS/Disc Brakes
2017 Silverado LT Single Cab SB/Black/5.3/6 Speed Trans
1947 Willys CJ2A w/F-Head engine