Master is OK, proportioning valve should be changed.
Right, but the master is only "OK", it isn't really "good" because it was engineered for a different hydraulic system. Changing the proportioning valve only does so much. Because the rear brakes now have larger cylinders, unless the m/c is upgraded too, it will now require more pedal travel to move them. Pedal movement is designed to include many things, like brake clearance, clearance and wear in the linkage, swelling of hydraulic hoses and other parts in the system, compression or bubbles in the fluid, bending of metal parts, etc. By not upgrading the m/c too, it requires a lot of faith that everything else is in top condition. The same brake system that stops at the corner just fine, may not work under emergency braking conditions. Also note, that on a big car, the disc brakes will require the power assist to stop the car, unlike the servo action of drum brakes. If the engine stalls, and the driver needs to stop the car, he would be wise to practice using the emergency brake somewhere, and that needs to be kept well balanced and in working condition, because a car with this mod may not have braking in any wheels in that case. With the stock drums, at least the two rear wheels are braking
I'm all for keeping a stock look, but if I am driving a car on the road with this mod, I would want to at least use the m/c from the rest of the donor hydraulic system. If I'm not driving the car on the highway, and it just sits in the garage or moves only on a trailer, why bother to make the change?