Yes, you will need to adjust the throw on it. It works from the lever connected to the axle to gauge how far the car is nose diving/lifting rear wheels.
I would suggest adding/bending that bar to make up for how much you lifted it.
I tried using the adjusting lever with no success. Although I did'nt try bending or adding on for more adjustment. So I bypassed the valve completely and now I can get them to at least slide in the snow. Before they would'nt so I can stop much better, at least when It's slippery. Could it be with the larger and much heavier tires that the rear brakes are just to small to handle them?
Well the discs in the back are fairly small to begin with, what size tires are you running? I'm in the process of getting a lift together for mine as well. Trying to run 28s or 29.5's, don't know how bad the gearing will be with 31's and trimmed fenders?