The important thing with the master cylinder is that the piston in the cylinder must come all the way back when no one is pressing the brake pedal. If something holds the piston in slightly, pressure will build up and cause the brakes to drag. This can be related to replacing the master cylinder, booster, or even the brake light switch and not adjusting the linkages so that the cylinder comes all the way back.
You probably have an ABS box in the lines from the master cylinder to the wheels. Proportioning valves are usually found on older non-ABS cars. In newer models, the proportioning function is built into the mondo ABS box.