Ok, you have an issue somewhere in your system as even a stock setup will be able to lock the brakes up.
The proportioning valve you have is very odd and not something that was part of the original system and definately not needed....
I'm wondering if that has been adjusted to give you more rear brake bias which would certainly reduce the effectiveness... It might also be fault and just causing a loss of effective pressure.
I'd dstrat by removing that from the system and see what happens.
My local Tiger buddy gave me a set of semi-metallic brake pads to try. They did seem to increase the braking power a little bit, but still not enough to be able to lock up the brakes. I also tinkered with that bias valve. I did not have the parts on hand to remove it. It did seem to improve the firmness of the pedal a little bit too.
I also re-bled the system in accordance with the factory manual. It recommended adjusting the rear brakes till they lock before bleading. I was not aware of that.
My next step will be to remove that valve to see what happens. Unfortunately, I am running out of driving season here in Wisconsin. They use salt on the roads, so once it snows, I won't drive the car again till spring.