Brake adjustment, with bias adjuster

I have a brake bias adjuster valve in the cockpit of my car. I'm guessing this is just a valve that, when open all the way, gives full pressure to the rear brakes (no bias), and as it is closed it starts to choke off some of that pressure to the rear, giving a bias to the front.

So please tell me if I am adjusting my brakes correctly. This is what I do:

1. open the bias valve all the way
2. adjust the front brakes until the pads just begin to rub, then back off 2 notches
3. depress the brake pedal until the front brakes lock and hold the pedal in that position with a clamp
4. Adjust the rear brakes until the pads just start to rub, then back off two notches.

My thinking is that I now have brakes that are naturally biased to the front, and full adjustability with the valve to create more bias to the front by closing off the rear brakes as needed.

Is this correct?

Bonus Question:

The last time I drove, under full braking, the front tires wobbled left and right pretty crazily. Is this normal or a sign of brakes out of adjustment, or something else? (hence question 1, "am I doing this right?")

Thanks for any help. First race is April fool's day and I don't want any surprises!

Paul

Brake adjustment, with bias adjuster