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That is not a proportioning valve. Although it resembles one. It is a "brake warning light switch. All drum brake trucks came with them. If you loose pressure in one side of your brake system, (either front or back) a piston inside it will move to one side (off center) and make an electrical connection for that wire you see hooked to it. That will light a dummy light on your dash. So kep it, you need it.
By the way, I would like to make a suggestion. Next time you ask a technical question like this, you might give some details about your truck, (year, series, engine, trans, ect.)
--Regards, BA
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