I don't see why you can't use that Master Cylinder, however, be aware that the Front and Rear Port connections on to this Master need to be swapped around, ie, the Rears come off the bottom Port.
The item you've referred to as a PDWA Valve is in fact a Pressure Differential Switch. In use, this senses if there's a difference in Hydraulic Pressure between the front and Rear Circuits. If they are about the same, happy days, if there's a significant difference here, then it will activate a Switch (and bring on a Light) to show there's been a Brake Fail in one of the Hydraulic Circuits. You can likely leave this in place. When bleeding the Brakes, if doing one wheel at a time, this will activate, once they do, they need to be Reset, which is done by removing the Switch, standing hard on the Brakes, then refitting the Switch, though sometimes, they need help.
I would strong recommend against fitting one of those FAM7821 Valves. This is just a Pressure Shut Off Valve to prevent the Rear Brakes from locking. As you already have the Inertia Valve, run with that. These are the best Valves they offered on any Mini.