Here's what I do:
Unplug the brake light wire on the proportioning valve.
Remove the white plastic nut from the top of the proportioning valve, be careful it strips easily.
With a buddies help, open one of the bleeders on a front caliper.
Drive the brake pedal to the floor as hard as you can.
With the pedal down, close the front caliper bleeder to prevent introducing air.
The proportioning valve responds as if a front brake hose/line has blown. The difference in pressure makes the valve inside the proportioning valve move over to plug the leak. Hopefully it stops in the middle position and you now have pressure to the front and rear.
Try bleeding the rears again. Sometimes it takes several wacks to get it to reposition. If it plugs the front off, then open a rear bleeder and wack it.
When your done, reinstall the plastic nut and attach the wire. The brake light should go out. Make note of the the little pin on the white nut, it rides on the surface of the valve allowing the pin to move up/down which creates a ground making the brake light go on or off.
HTH