This is the info that I have on combination valves.
The combination valve contains a proportioning valve, metering valve, and a pressure differential switch all in one.
Metering Valve: The metering valve is in charge of delaying the application of the front brakes just long enough to overcome the rear brake springs. It is used with front disc rear drum braking systems. When the brakes are first applied pressure quickly overcomes a spring in the valve and closes a port to the front brakes temporarily reducing fluid flow and pressure. When the pressure builds to a predetermined amount (75-100psi) flow and pressure to the front calipers are returned to normal. When the metering valve fails the vehicles front brakes apply early and the vehicle tends to nose dive.
Proportioning Valve: The proportioning valve is used to prevent rear wheel lock-up. These valves achieve brake balance by reducing fluid flow and pressure to the rear brakes during hard and sudden stops. This valve helps achieve better braking only during hard and panicked stops. Most of the time, during light and moderate braking the valve lies dormant. A faulty valve would tend to lock up the rear brakes because the vehicles inertia transfers the weight from the rear to the front while braking.
Pressure Differential Switch: The pressure differential switch is used to inform the driver if there is a leak in the system resulting in a loss of pressure. It is used in dual master cylinders to detect a difference in pressure between the two sides. If there is a difference in pressure it will complete a circuit and illuminate the red warning indicator lamp.
Residuals valves is not part of the combination valve rather residual valves are used to maintain constant pressure on the brake system. For drum brakes, a 10 lb. residual valve is used to hold pressure against the springs in the drum. This allows the drum brake to engage more quickly and reduces pedal travel. For an under-the-floor master cylinder brake system, a 2 lb. residual valve is used for disc brakes to keep brake fluid from flowing back down into the master cylinder.