I gave up on the stock petcock and put the Harley aftermarket one in. There are at least two blog entries on how to to it..I cut the top part of the petcock off with a hacksaw and filed the top smooth to the threads. The reserve pipe pulled out of the cut off part so I stuck it back into its hole on top of the petcock so I still have a reserve. I put an in-line filter and a T to the carburetors. Yesterday, using the stock petcock the bike was not only leaking gas but seemed like it was starving for gas about every 1.5-3.0 miles. It was either my gasket cutting abilities or the vent in the gas cap. I wish that I would have gone straight to the after market petcock first, instead of trying to remake the stock part. I will try again if Reed comes up with reasonably priced three hole gaskets for the petcock. I reamed out the holes in the top of the gas cap just to be sure.
With the new petcock it ran like a champ. I ran it up to 80 and started thinking that the tires are as old as the bike! 80 seemed like it was faster than it used to be.
Best of all positive gas cut off and no leaks.