Tektrix-
Are you referring to the vacuum operated fuel valve for the carbs?
If so, there is a vacuum line that runs from the #2 carb to the valve, which supplies vacuum while the engine is running. As long as there's vacuum, the valve is open and fuel flows from the petcock through the valve and off to the carbs. Once the engine stops, the valve closes and fuel flow stops. It's a nice safety feature should an accident happen: the engine stops, and so does the gas. It's a bit of a pain if you haven't ridden the bike in a while and the carb bowls go dry. Then you have to crank and crank just to get gas to the carbs.
It's a fairly easy install: There's a bracket that holds the valve just behind carbs 3 and 4 on the right side of the engine. There's a vacuum line that goes from the valve to (I think) the #2 carb, the inlet of the valve goes to the petcock, and the outlet goes to the fuel rail for the carbs.
You can bypass this valve, and run the petcock line straight to the carbs, but you need to get in the habit of turning off the petcock when you shut down the bike. If you don't, it's overflow city.
Luke M
Used to have a 1979 CB750L, sold it as a parts bike, now riding a slightly modified 1984 VT700C. Network/Field Engineer. Central OH, USA, Earth, Sol System, Milky Way Galaxy, Universe.