If you have a problem with the rear wheels locking up during braking you should consider adding it. I wouldn't adjust the rears to correct any problem - they should always be adjusted properly, not loosened up to compensate for an imbalance (just my opinion).
The valve would go in the line that runs to the rear brakes (after the dist block). One side should be marked "In" and that's where the line from the dist block goes.
Chances are you won't need one 99.9% of the time. Even for people who drive like maniacs, the brakes are rarely pushed hard enough to make one necessary. However, in an emergency braking situation (or on road courses), you want the brakes working as efficiently as possible and that means having them balanced so they share the load.
You could check them by finding a nice stretch of road and clamping down on the brakes as hard as you can (making sure nobody is behind you first!). If the rears lock up first, you may want to consider adding the valve. If you do add one, be sure to test the balance every couple months to make sure it's still in balance.