That vacuum-operated fuel tap was a real bugger at times. Had one on my VF500 - ran from the tap to the left rear intake manifold. It either sucked air in, making that cylinder run lean, or sucked fuel through the petcock diaphragm, making it run too rich.
One other thing - you said the bike was rotting and you had to weld and bog the tank. Are you absolutely sure there's no rust flakes getting into the carbs?
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