OK, it just came to me... consider this situation:
Many stock MC's have a residual valve or two in the MC, these are quite obviously before the proportioning valve.
Now I see no reason that the residual needs to be or should be after the proportioning valve.
We may find it works either place, I'm not sure, but duplicating a factory system is likely the right answer, so it goes between MC and proportioning valve.
Unless you've seen a factory system with them after the proportioning valve??
Grigg