From inlinetube.com...
1967-70 GM Hold Off Valve
Details:
This is the hold-off valve that mounts on the stud of the master cylinder on all factory 1967-70 disc brake cars. It is used in conjunction with the distribution block mounted on the frame, which is the same on factory disc and drum cars. This valve holds off the front brakes to give time for the rears to activate. At a calibrated pressure, the valve allows fluid to pass and engages the front brakes. This valve is the same on all GM cars, but the bracket is different for applications NOT listed.
The rear was a correction valve or rear hold off.
In 71 they started using the combination valve.