You shouldn't need the regulator on the rear frame. This was only used on the single line brake systems prior to 1977. A plain tee would have been standard on your car.
That is not entirely true. The valve on the rear subframe limits the pressure to the rear wheels so they do not lock up prematurely. If the rear wheels lock before the fronts, you loose all stability and the rear end of the car will come around in a panic stop. Removing the valve from the subframe can therefore be dangerous.
Keep the part on the subframe and swap the front calipers left to right and you will be OK.