In later years, the combo valve did have a proportioning valve built into it for disc/drum applications. In 67 drum-drum cars, you may not need to add your own when doing this swap. Some later disc/drum cars had a metering valve to the front brakes as well.
There's a lot of misinformation out there, so take some time to read up on both types of valves. A metering (or hold-off) valve acts to keep pressure out of the brake system until it builds to a certain level, like 200-300 psi. This is usually used with front brakes and the purpose is to allow rear brake shoes to come in contact with the drums as you press the pedal and synchronize application of front and rear brakes. A proportioning valve is used to reduce pressure applied to a system. There are two types. The type used in our cars allows full pressure to pass to a system until pressure reaches a certain point (like 300 psi), it then only passes that pressure plus some small proportional amount of the total pressure. The point here is to counteract the self energizing characteristic of a drum brakes and keep the rear brakes from locking up early.
In short, if you're doing this conversion, you might plan to plumb an adjustable proportion valve in line to rear brakes. You can always open it up, but most likely you'll need it to adjust bias.
Here's a good start for reading material.
http://www.ecihotrodbrakes.com/brake_facts.html