I have a 1999 Ford Ranger XLT 4.0L 2 Wheel Drive which I suspect the Proportional Valve maybe malfunctioning?

When applying my brakes while slowing down from freeway speeds, I feel a pulsating sensation which seem to come from the rear drum brakes. Once my speed go below 40 MPH, the pulsation disappears. I don't have this problem when stopping from below 40 MPH. The rear brakes don't lock up when I apply brakes at any speed. But it could be that the pulsation while breaking down from high speed is normal.

It's not the proportioning valve. The front rotors are warped. Replace or machine and install new pads.

Sounds like drums are out of round. Get the faces machined

Quit guessing. It's never the rear brakes pulsating. You have warped front brake rotors!

Feeling a "pulsing" from your brake pedal is typically an indication of a warped front brake disc. A mild pulsing sensation is not dangerous, but if it bothers you, have it inspected by a REAL mechanic.

Nothing wrong with my front discs and the rear drums. They have been inspected by a brake mechanic. Besides the pulsation only occurs when first applying the brakes from speeds over 50 miles an hour. The pulsation stops as the vehicles slows down below 50 MPH. I don't feel the pulsation during a normal city driving.

Have you or have you had the brakes bled? That's where I would start.
Have the rotors and drums been inspected for excessive ware, out-of-round, and "warping" (being bent)? That would be what I would look at while bleeding, or what I'd do next if bleeding didn't correct it.
Any leaks? If something's not working in a hydraulic fluid system whish is what a brake system on an auto is there's a leak somewhere, especially if it's not been working right over time, and the leak may not be where the problem is. The problem could be before or after the leak at a valve or connection or even in the line between connections. That's why I suggest bleeding the brakes. If they don't bleed something is either blocked or not working right.

Stop guessing. Process of elimination…