Why in the hell is the master cylinder under there? There's no way I'd leave it there. With a rubber flap around the hole in the floor? Geez.
If you did leave it there, yes, you might need to retain a 2psi residual valve because the master is going to be lower than the calipers are. Residual valves are commonly either 2 psi for disks or 10 psi for drums. But yeah, I don't like the looks of that set up at all.