Eddie that's the old style you usually see on drum brake cars. It will work on a drum/disc car but doesn't have a hold off valve for the drum side so it doesn't work quite as good.
Forgot to mention that the valve isn't really a proportiong valve. It is just a distribution block with a switch valve. The switch valve is a pressure sensing valve that senses when you loose pressure to a wheel from a blown line or cylinder/caliper. When it senses the pressure loss the valve inside is ofrced all the way to one side which turns on the light on your dash. It remains in that position untill a repair is made and you bleed the system. Generally bleeding the entire system is necessary to reset the valve, not just the wheel where the problem was. Even then it can get stuck some times and may need disassembled and cleaned or replaced. Looks like your replacing it so that should solve your issue.
