I see I'm not the only one who can't make one clamp fit right (whew!)
Anyway, a brief background:
The valve in question is a combo valve, not only proportioning front pressure to back, and keeping some residual pressure for the one side (is it front or rear? I forget) ... but also acts as an emergency cut-out to block either front or back in case of severe pressure loss. This is a back-and-forth sliding mechanism that, if the front or rear circuits has waaay more pressure than the other, blocks the lower-pressure side. (I think that's right -- it's from memory from tearing down a coupla combo valves last year.)
Anyway, the rubber nipple covers a metal button that slides back and forth, and will reset this latter blocking mechanism. It should just press in with finger pressure. You may want to remove the rubber cover -- don't tear it, it should pop out with a little finagling with a small flathead -- and then just press the metal pin.
You should reset the thing before applying any pressure to the system. I seem to recall the factory manual saying to use factory tool #J-12345678 to KEEP it reset, and I've built one (per the Chilton's that shows you how) from a piece of flat stock.... but I also seem to recall not bothering and getting good bleeds without it.
Then again my plate has two fittings on it so I can pressurize both sides at once, which would presumably not make the combo valve freak out. The home-made tool is basically a piece of, say, 1" x 1/8" flat stock, maybe 4-5" long, bent on one end to fold over the button, and with a slot in the other end ... you loosen the bolt that holds the combo valve onto the crossmember, then slide this tool in there and figner-tighten it, and it holds the button in.
If that doesn't make sense, lemme know and I might have a picture of mine somewhere, or I'll find the relevant section in the Chilton's and post it up here.
Dang, sorry that was so long... but hopefully it'll help. I went through, I kid you not, like six gallons of brake fluid learning to pressure bleed when I had issues with my crewcab ... and that thing will stop on a dime now, and unless I'm towing it'll give me change back
-- A