Fluid goes from the rear master via
1. The delay valve (nothing to worry about there) where the line splits
1a. The front right centre piston (and ends there)
1b. Front left centre piston and bleed valve, and continues to
2. The SMC inlet, through the SMC and on to...
3 The Proportional Control Valve
4. The PCV bleed valve
5. The rear outer pistons (rearmost bleed valve)
Are you are saying that when you press the rear pedal, fluid comes out of the PCV bleed valve (4)? If so, then it has gone through most of that sequence including the SMC.
If the PCV valve is closed then the SMC will move but only by about 1-2mm. If you pusht he rear wheel with your foot, you should be able to feel the wheel lock up as you push the MSC and release when you let go of the SMC.
But if you can barely move the SMC when the PCV bleed valve is open, it has nothing to do with fluid flow. You should be able to get a full stroke of movement - 1cm or more ( never measured it ) - simply by pushing the SMC onto its plunger.
If you can move it by that much, then stop reading here ! The rest is to do with what might be wrong if you cannot move the SMC with the PCV bleed valve open.
If you can't mov the SMC when the PCV bleed valve is open then that would suggest to me that the piston is jammed in the bore. OR if the SMC is on its 2 mounts, then maybe the bottom mount is seized. It sits in a needle roller bearing in lower bracket of the left fork leg. That may be dry and gunged up - or someone has been rather careless with liquid loctite and it has locked up the pivoting bush in the bearing. The chromed cylindrical sleeve in the lower left mounting bolt - through which the lower bolt passes - should push out easily.
It is possible that there is a blockage in the line to the PCV bleed point - possible to push fluid past with the brake pedal, but not with the restricted force that you can apply with the hand with the SMC. With the pcv valve open, the brake pedal should depress easily - little resistance. If you think that a blocked line is an option then you can try removing the bleed nipple.
That is going to be messy. Secure some plastic sheet / bin liner over your engine. Stuff rag under the valve to stop it sneaking down the back. Fashion an empty plastic container cut to shape under where the bleed valve is screwed in, in order to catch as much fluid as you can. Fill your rear reservoir. When you're ready, carefully remove the bleed valve DO NOT DROP IT. Put it safe. Give the pedal a few pumps. Anything that is stuck will be near the hole and should fly out like a champagne cork - th ehole is now much larger.
Catch the remaining fluid spill as best you can. The Valve is almost at the highest point, so fluid will stop coming out before long.
Check the the hole in the bleed valve is clear. Clean it up. Blow through it when it is clean. I have used soapy water for this in the past, rinse and dry throughly. Then just blow with lips. Make sure it is bone dry, then rinse in fresh brake fluid. Then screw it back into the hole. With things like this, I always start by turning the screw slowly backwards and feel where the thread 'drops off the end', then start turning forward - clockwise, with just my fingers knowing that i have found the start of the thread. It helps to prevent cross threading. But before you do, wrap some plumbers teflon tape around the thread - keeping clear of the side hole and the lower threads.
To answer your question about bleeding the SMC before the PCV. When you bleed the SMC - the only place that you can bleed it effectively is at the PCV bleed valve.
If you are referring to 'exercising' the PCV - that is the cast mechanism that is attached to the fram just in front of the ignition coil - then you need to be able to apply pressure in the fluid so that the PCV piston moves - and for that you need to have no air in the system, so that would have to be done last of all. Normally there is no need to do anything with the PCV when bleeding - but you mentioned a noise. This is how to get it to move and a chance to expose it to some new fluid around the bore. Not an issue normally as it is doing that every time you apply the brakes. But if the bike has been sat for a long time without fluid change ........
Dont confuse the PCV with the Delay Valve. The delay valve (which only has any effect on the front right brake caliper centre piston) is bolted behind the top of the lower fork leg