First you need to bench bleed the master before putting it into the car or you will never get your brakes bled. Then yes open the valve wide open. Start with pass rear first then drivers rear then the fronts.
Do you have multiple proportioning valves? on none on the front. i bought a factor disc drum one for an A body from Dr Diff for my application they bled fine.
Sounds like you have an adjustable proportioning valve. Amazing how helpful photos are when you ask questions. It is not a simple valve, but rather a spring-loaded differential pressure regulator. The knob sets the dP. You shouldn't need to adjust it to bleed the rears. If you press the pedal hard enough, it should open and flow to the rears. I'm not even sure which way the knob works. I assume that as you screw the knob cw, the rear braking gets stronger. That means it opens at a lower pressure, so wouldn't hurt to screw the knob all the way "in".
No, you do not have to mess with the prop valve to bleed the brakes. Most OEM prop valves are not even adjustable. How would you bleed the brakes if it were all OEM? Think about it.