Anyone ever eliminate the prop valve?

I'd do what you suggested in the original post. sounds like you have all the right parts, especially the 15/16" master to keep the pedal feel reasonably soft.
This topic was discussed indepth at bigblockdart, sorry i can't provide the link, I lost my password.
something else you might want to consider is the pedal ratio.
Feets discusses it in this thread from Moparts.
http://board.moparts.org/ubbthreads/showflat.php?Cat=0&Number=7191264&an=0&page=0&gonew=1#UNREAD