To be certain, I recommend:
* Consulting your owner's manual: This is the best resource for your specific vehicle.
* Looking at a repair manual specific to your year and model: A Haynes or Chilton manual will have diagrams showing the location of components.
* Searching online for diagrams: A Google image search for "1988 Ford E-150 proportioning valve location" might reveal pictures of its location on similar vehicles.
Since you're working with brakes, be very careful. If you're unsure about locating or working on this part, it's best to take your vehicle to a qualified mechanic. Improper brake work can be extremely dangerous.