Proportioning Valve leaking

[Paully's5.0]

Hey guys, my stock prop valve is leaking. The leak is coming from the front of the valve, where that nut looking thing is, I think the rubber piece in the middle where the valve sits behind is the culprit.

If it's fubar'd, any suggestions on a replacement? Just go to the parts store for a stock replacement? Or upgrade since I'm there?

Stock brakes.

Could I possibly gut the stock PV, and install an adjustable one? I know this is normally done when converting to disc breaks, but would it work for stock drums? This way I'd have the PV, I could just buy the the plug for my stock PV (hopefully this plug would solve my leaking issue) and have an adjustable PV if I ever go with discs?

Refercence here: http://mjbobbitt.home.comcast.net/mustang/mc.html under 3. PV Modifications

 

[ALMOST STOCK]

Could I possibly gut the stock PV, and install an adjustable one? I know this is normally done when converting to disc breaks,

I don't believe by gutting the stock valve that, that will stop your leaking problem if it's leaking from the front as you said.
Behind the plug in the front is a gasket of a sort and that more than likely is the problem for the leak.
My guess is that Ford will carry the front plug and gasket in a kit or you could go to a wrecking yard and get one which has go to be cheaper than Ford.

Maybe someone else who has tried what you asked could chime in.
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