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Sounds like you will have a lot of unknowns. If it runs and stops good now I would put it off for a bit. Tearing it down and then getting busy with other things means you will be on here in a couple of years selling it off. Its not a hard swap its just time consuming. Once you replace the fronts you will likely want to replace the rear parts and lines, etc.... If you have a couple of weekends you could easily replace the entire brake system and upgrade to power disc brakes. As stated if you pull the entire front end as a unit it will save a lot of time.
On the proportioning valve, mine is mounted behind the engine cross member. That is only because my frame is from a 79 though. The brake rod that attaches to the pedal in the cab was aprox 3/4" too long, but a little cutting, welding, and paint and you cannot tell its not original. Measure twice and cut once! The bolt holding the rod is slightly adjustable to correct small measurement errors.
Back when I first got the truck, ten years ago, I put new wheel cylinders, new master, new hoses, in hopes that the truck would stop enough to drive around town. Let's just say I still don't feel that comfortable driving it around my neighborhood. It just doesn't stop that well. That's why I am so desperate to do the disc swap....but...
I was 16 back then, and maybe didn't cover all my bases.
Any tips (common problems I should look for) on improving the existing drum brakes would be very appreciated.
Drove the 65 for some 35 plus years before front disc. upgrade and the shoes worked great. As raiderjefe noted, try bleeding the system starting from the furthest. Suggest first start with adjustment, I like them where there is a slight drag then back off ever so slightly.