This is something which gets overlooked when people put disc's on a MK 1, as I did
My wake up call was on a slight downhill bend, as I was giving it large and I hit my brakes, the rears locked up and spun me 180, so I was facing the cars that were following me.
The way to adjust the compensator valve is this......
With your cars wheels stood on the ground, IE, no jacks or ramps, you need to get under the N/S and locate the valve, find the spring attached to the lever and you will see a 13mm nut and bolt.
So armed with a 13mm socket and spanner (and WD40-because all MK!'s are rusty) JOKE, loosen the nut and bolt on the spring until the spring is just starting to take up the tension on the lever and then tighten-HEY-PRESTO-properly balanced braking, with no brown trouser moments!
Whilst under you car, its a good idea to check that the lever on the valve moves freely and the pipes are in good nick.
Another important thing to remember is that if you subsequently lower your car, you will need to do the above again or you may wish you were wearing bycycle clips.
Dont forget-the car must be supporting its own weight.