"Proportioning and balancing valve"
They are rather rare to fail, but not unheard of. Try this: when you get the brakes locked up, crack the lines at the master cylinder (not at the caliper) open and see if the braes release. If the master cylinder is fully released and is still holding pressure its either not adjusted correctly or the master is faulty.
Easy test at that point would be to unbolt the master from the booster with all the lines attached and pull it away a little bit- if they unlock its either the adjustment is still too far out or the master was not designed/manufacturered correctly.
Plan-of-action:
1- Get them to lock up
2- crack both lines at master and see if they release
If they don't release, you have a problem *after* the master, see #3.
If they do release, your problem is with the master cylinder whether it be an adjustment or an internal fault. go to #4
3- Report back here and we'll try to help out on how to trace the circuit
4- Re-tighten all lines and get them to lock again
5- Unbolt the master cylinder from the booster and see if they release.
If they release now, the problem is the booster-master cylinder adjustment- this may require more adjustment or master cylinder measuring and possible replacement.
If they don't release this confirms a faulty master cylinder, replace it!