Am I missing a clip right here ?

 

Nope.... Not on a 1500 anyway.

 

Doesn't proportioning valve deliver less pressure to front than the rea? If PV is not functioning properly would it not allow too much pressure to front, therefore even after letting off the brake, not allow pressure relief fast enough? Don't know...just throwing it out there. Also MC rebuild kit shouldn't be that expensive to eliminate it.... MC on Rock Auto shows $23-rebuilt, and $85 new...Caliper repair kit under $10.

Strange problem....hope you get it resolved.

 

I know your's is a 1999 but I have a clip there on my '01... Different design though...

 

Update:
Brand new Pads, Rotors and Master cylinder.
Bled and Flushed all lines
Adjusted rear brakes
No change.

It feels like the anti-loc is starting to kick in when only light to moderate pressure is applied.
I am going to by pass the Anti-Loc system all togehter to eliminate that as a possible issue ( Hate Anti-Loc anyways ) Next I guess would be new Hoses and Calipers.
I am seriously running out of money.

 

Anti-lock shouldn't have anything to do with it. (even if it is engaging, that would tend to make your brakes run cooler.....)

Did you try the jack it up, stab the pedal, try and turn the wheels trick?

 

Remove the ABS/RWAL fuse from the side of the dash and see how it reacts. #3 fuse.

 

Yes

Will do

 

Almost Cured
I jacked up the rear, started it up and put it in drive and then applied the brakes. first two times the wheels stopped, third time the wheels stopped but then started rotating and would not stop with any amount of pressure, tried several times, wheels kept turning.
Next I removed the rear wheels to find the rears where Not adjusted.
Drivers side took 42 clicks on the adjusters, passenger side took 45 clicks
Test drove with and without Anti-Loc disabled and now no smoking, still have some heat smell, but no smoke
I will readjust and rebleed, but I think things are pretty good now.
I just feel Stupid not pulling the rear wheels and checking the adjustment at the begining of this saga

Thanks for everyones input

 

Oh man really? The rears!! Well, you gotta take the victories in any way, right?

Have you thought about self-adjusting them at all? In case you don't know or other ppl don't (which I learned here from Vdub and Zman), you go in reverse about 15 mph and slam the brakes. Give yourself a good half a block.

btw, the picture is awesome, but I'm not recognizing the area. Probably not in my regular area.