I stock the new valve for $90, but I doubt it is the problem. 


Do you have the master cylinder plumbed correctly?  Front bowl goes to rear brakes and rear bowl, nearest firewall, goes to front brakes.

You have a very unuaual problem there.  Are the Versaillse rear calipers adjusted properly with the pads right up to the rotors?  You said it worked fine prior... Was anything changed in the rear when you installed the front discs?

Do you have the front calipers on the correct side of the car?  The bleeders point towards the REAR, not straight up.

See the picture in my first post.  The valve shown has a proportioning valve built into it where yours is simply a differential pressure valve.  Not the lines to the rear brakes are offset from the inlet above it.  There is a spring loaded resistance valve in between the two (hence the offset) where yours is just straight through.  The ones with the differential pressure valve AND proportioning valve are known as COMBINATION valves and are only for use with disc brakes.

Go to my Granada brake installation page.  You will see WHY you need to have the bleeders pointing to the rear.  With them pointing straight up, you cannot get the air out of the front calipers.  That is why the pedal goes to the floor.  When you are bleeding the brakes, and have applied multiple pedal strokes to the system, it compresses that air where it feels like you have some pedal.  But, when you release the pedal, the air is no longer compressed and the pedal will go down.

 

Ok makes sense now. Thank you. So if rotating the calipers fixes my bake pedal problem, will I then need to get a proportionining valve?

For what its worth... I am using an original 67  drum/drum distribution block in my 67 FB with 2004 Cobra  power discs all around...no proportioning valve ...brakes are perfect...jj