ive converted 2 -71 cars, 2- 73 cars and one '74 car to disc brakes and I have NEVER had to modify the hard lines.... just went to the local Advance and bought new caliper hoses for $10/each and everything goes right into place
as for the prop valve, some change them and some dont. i personally change mine just to make sure the brakes get the right amount of pressure...
I have changed two as well both 74's did not change value and had no problems with the lines. Used same master cylinder as well.