Supershifter brings up a interesting point.
I tell folks that are experiencing poor braking to block off the rears, totally eliminte them from the equasion, bleed the front disc brakes (Make sure bleeders are pointing up), then test the front brakes for function.
If they brake good, then you know you have a rear braking issue.
Many times poor braking is a rear problem, Poorly adjusted, pressure problem (As stated earlier--Proportioning valve), Rear rubber hoses internally collapsing, etc.
Don't get the Proportioning valve mixed up with the Distribution block. Proportioning valves will go south over time, Impossible for the 65 66 Distribution block to go bad.
When bleeding the rears with someone pushing hard on the brakes, does the fluid Squirt out, or drool out

?? Same for front. In other words is there Pressure
The 4 Piston Disc Brakes are Very Good Brakes, Plenty of stopping power, and Fit, Bolt on.
Dan
Classic Mustang Disc Brake Conversions and Power Steering