the prop valve only limits the pressure going to the drums you dont want them locking up before the disks catch, in all front disks you want them to start the braking before the rears kick in(in all the readings i have done in the 4x4 world this is the way it is) i.e. step on the brake pedal and the disks just start touching, then the rear drums start engaging. Same reason most cars are front wheel drive, with the front disks engaging first you have two non steering wheels in the back still rolling keeping the car inline.
if your bleaders are on the bottom than that is your problem guaranteed, you swap them so they are on the top bleed it and you will have brakes
I have a friend running rear disk swap on a samurai and he has to run with the bleeders down, so he takes the calipers off points the bleeders up still connected to the hose(not hard line) and bleeds them like that and then puts them back on.
though i wouldnt suggest doing this for front disks or a vehicle thats on road, his sammy is primarily offroad rig
here is some decent reading
Braking Systems in Plain English
Automobile Brakes - A Short Course on How They Work