Paul, your valve reacts to pressure in the system? I guess I wasn't reading!
* Shut off Valve or (factory) Brake Pressure Regulator = Shuts the rears off in a panic brake situation.
* Proportioning or Bias Valve = Changes the proportion of hydraulic fluid going to the individual circuits (bias) but will not shut down the rear circuit completely. If you have it limited so the rears do not lock in a panic situation,
you're not getting the full effect under normal braking. Sorry... the brake pad wear thing doesn't hold water. That just means the rears aren't working when they could or should be, afterall; how much time do we spend in a panic braking situation? Why adjust to it? This, I feel, is one of the major problems when people complain about 914 brakes. I believe a full 80% of the rear calipers out there are effectively in-operable. The adjustable valve is linear, it knows nothing of pressure. It does not shut down the rear circuit.
If your rear calipers have the ability to
lock in any situation, you face a much higher risk of an uncontrollable spin in a 914 (Read Vic Elfords book, page 55). It has nothing to do with calipers or tires. It has everything to do with
low polar moment of inertia which doesn't change with the tires or brakes. One of the significant effects on handling is; it rotates on it's axis extremely quickly. (well... kinda with tires but, it compounds the problem, when they finally do let loose, you'd better be paying attention or insurance premiums)
Again, this has nothing to do with stock -or- aftermarket caliper components. It has everything to do with increasing the road holding ability of the rear of your car in a panic brake situation. It says so in the factory manual and the physics are explained in Vic's book.
Changing the bias on what was already a matched set of calipers is the owners prerogative. Some see the need and some don't. "Most" people in that situation feel they need "more" rear brake not less, but... YMMV. You can still install an adjustable bias valve and retain the pressure regulator. Taking out the brake pressure regulator is dangerous for your car, yourself and your passengers IMO. Again, maybe Dr Evil can weigh in with before and after pictures of his car (and passenger).
I believe the 911 received one shortly after the CA 930 crash/law suit.