Underfloor mount is when the master cyl is under the floor. This was used in the fourties and fiftys cars. The master cyl is low and the residual valve helps keep the fluid from running back to the master cyl.
You don't need a residual valve at all if the master cyl is mounted higher than the calipers.
You don't really need a combination valve. an adjustable proportioning valve in the rear line is usually all you need.
There are reasons for the combo valve but it's main benefit on a disc/disc car are when driving on ice. I have a full explanation of that on my web page in the first gen suspension section.
You can use hardlines, but the calipers often have a hose from rear axle hard line to the caliper, the calipers move in relation to the housing since they are full floating calipers, they also have to be moved when changing pads. you need to have hoses on them.
Make sure you use front calipers with aprox the same diameter pistons as the S-10 system.