"
I used a proportioning valve from a chevy system " What year, make and model Chevy? Was it a Vega, Nomad, Truck? Why use one from a Chevy, just wondering. I used a n Adjustable Proportioning Valve like this one on my car http://www.jegs.com/i/JEGS/555/63020/10002/-1 It turns out I didn't need it and have removed it with no ill effects.
These people make the correct Mopar Proportioning Valve for our cars
http://inlinetube.com/Prop%20Valves/BLK243.htm Since they say 1967 was the first year for factory Disk/Drum brakes for our beasts you can use one from 1967 (you can find it on
inlinetube.com website) so it can have a factory one. But they are not adjustable. I thought about getting one for my car, but and chosen not to.
As already stated if the master cylinder has that valve in it (for a drum brake set up) it will keep too much pressure in the lines and cause the brakes to drag. So will pinched lines, lines installed backwards (front to rear and rear to front) Defective calipers (most of the time rust in the piston cup will not allow them to release due to sitting a long time) You have already checked lots of things If it was my car I would do these things next (I think they have all been suggested already.)
1. Are the lines correctly routed?
2. Any pinched lines or hoses?
3. Is that Chevy Proportioning valve working? Installed correctly or backwards? If you are not sure about it remove it all together and see if that solves the problems.
4. See how much pressure is in the brake calibers by loosing the bleeder valve (wear goggles, lots of pressure means a face full of fluid) It should have a little bit of fluid come out, not a spray or fast stream of it. If you get a lot of fluid out of it check that valve for drum brakes on the master cylinder is not installed in your car, then see if it's the brake caliber sticking.
5. Front wheel bearings, are they lubed correctly? Are they too tight? (I have seen people tighten them to 110 ft pounds like a rear axle...the wheel won't spin, the bearings will be ruined and maybe the spindle and hub.) Easy to check after you release the pressure from the brake caliber if it still won't spin remove the caliber, if it still won't spin it's bearings.
From all the things you have said you have checked it has to be one of these things. There is nothing left on the car to check. One or more of these things will fix it. Just keep checking one by one, you'll find it. Keep us posted.