Booster & original tranny problem:
The problem with installing a 7" or 8" dual diaphragm brake booster in the original stock location is that once the master cylinder is bolted to the back of it the combined length is longer than the space between the tranny and bell housing cross-members. If you've got an automatic or have switched to a t-5 standard you will have eliminated or repositioned the tranny cross member and have no problem. The stock clutch linkage is also in the way but can be repositioned. The CPP kit includes a spacer to move the clutch armature out of the way, I'm not sure about others.
ADDING VALVES AND RE-PLUMBING BRAKE LINES:
Baldy is right that valves are only required in certain circumstances, though they are probably reccomendable always. There are three basic types of valves involved in a brake system: A metering valve, proportioning valve and residual valve.
The proportioning valve sends a different percentage of the hydraulic pressure to the front and back, since disc and drum brakes require different amounts of pressure.
The metering valve delays sending pressure to the front brakes for a bit to allow the back to start braking first.
The residual valves maintain a low level of pressure in the brake lines so that, as baldy says, the pucks or brake shoes/pads are close to the drums/discs and ready to clamp down, and also to keep the disc brake calipers from opening up beyond where they should. These are only required when the master cylinder gets lower than the brake cylinders/calipers. Since our trucks have the master cylinder mounted on the frame at almost the tire level, residual valves might be important when going up or down hill. Disc and drums require different amounts of pressure to be 'at the ready' Fronts need 10 psi and backs need 2 or 4, I can't remember which. You'll need one of each residual valve if you use a disc/drum set up.
There is a thing called a 'combination valve' which is both a metering valve and proportioning valve. Each combination valve is designed for a certain system, ie. disc/drum, disc/disc, drum/drum.
REPLUMBING THE BRAKE LINES:
This is necessary but not to a large extent. Why? Because right now you have a single master cylinder with one line coming out of it and going to all the brakes. If you go to a dual master cylinder, there will be two outlets, one fo the front brakes and one for the backs. This is the purpose and advantage of a dual master because if you develop a leak, lose a wheel cylinder or caliper (leak/failure...) with a single master you lose your brakes. Of course as Baldy says, there are probably some warning signs before hand, but sometimes those get ignore or mis diagnosed, or the failure is sudden. With a dual master, if you lose the back you still have the front brakes because they are on separate hydraulic circuits, which you created when you 're-plumbed' the brake lines.
How hard is it to re-plumb you might ask? Take a look under your truck. You'll see one line coming out of the master cylinder and dividing to front and back brake circuits at a 'tee'. You'll have to eliminate the 'tee' and run two separate lines from the 'tee' to the master cylinder. It really isn't that much work or that difficult.
What if you want to add those residual valves just to be safe? They look like hose fittings and are an inch or two long with two female ends. So, when you are dividing your front and back circuits you could add them between the old lines and new lines, where the 'tee' used to be. Not a big deal and probably worth the minimal investment for the valves ($20 total, maybe).
What about buying the bracket kit and finding a master cylinder at a parts house? Thats your call.
Where can I get the master cylinder braket, or kit, or a booster, master and bracket kit? Lots of people sell them, including jim carter, chevy duty, brothers, CPP, ECI. ECI's webpage lists the original applications they use the master cylinder/dual diapraphm master from.
http://www.ecihotrodbrakes.com/master_cylinder_systems.html What about accessing the dual master or booster and dual master under the floor? There are a variety of solutions. Some people drill another hole beside the existing one and put in a second plug just like the original when going with the dual master. Some people use a remote master they put under the hood. Others cut a hole to see the master and check the level. The kits I've seen come with a squeeze bottle and right angle hose cap to be able to fill the master from beneath the truck after checking it by dipping your finger, and thereby not cut the floor at all.
Brother's has a nice technical article with pictures about installing either just a dual master or booster/master combo.
http://brotherstrucks.com/tech/tech...%20DUAL%20MASTER%20CYLINDER%20CONVERSION CPP also has instructions and pictures, but not as detailed.
http://www.classicperform.com/Store/1947_59_Trucks/4756MMK2.htm