This is done all the time - by yours truly among others. However, Eric neglected to provide a few key bits of information.
Case 1) Is the water "running" into the common header from a stand pipe, city water supply, or other more or less similar source? In other words, is it a source with very high flow rate capacity and with a fairly slow changing pressure in the common header? If this is the case, then your problem is fairly simple. Any good analog control loop, PID or other, will be able to modulate the valves to maintain set flow based on feedback from the magmeter. Setpoint is desired flow, feedback is magmeter signal, and output is valve position.
Case 2) If you are pumping into the header, you need to add flow control of the pump. The most common way of doing this is with a pressure control loop, with desired header pressure the setpint, a pressure transmitter for feedback, and pump speed or discharge valve position as the output. This effectively makes case 2 become like case 1 as far as the two controlled flow valves are concerned.
Both cases are contingent, of course, on having a decently sized control valve and a valve operator that is sufficiently responsive and not hunting.
Case 3) You have a constant rate flow source (like a positivie displaement pump) and simply want to maintain a constant ratio between the two flows. In that case your open valve sets the flow rate, and the setpoint to the other flow control loop is a multiple of that flow. You don't want to manipulate both valves here, because it just creates more back pressure without changing the total flow.
Now, to me Most Open Valve (MOV) implies one of several algorithms used to minimize system pressure by always maintaining one or more valves at a maximum position to minimize throttling losses and energy consumption. There are a number of ways to do this. For case 2 it usually involves manipulating the pressure setpoint to force one valve further open until it is at a predetermined "Open" position. For case 1 MOV is not necessary. For case 3 the most open is either a designated valve or a comparison and the most open valve selected at current positions at any given time.