This looks like the fuel manifold vacuum valve, also known as the Spawn Of Satan.
It operates off of vacuum from the engine, and opens when the engine is running. When the engine stops, it shuts off fuel to the carbs. For my bike, it was only a problem if the carb bowls ran dry from lack of riding. It needed a LOT more cranking to hold the valve open to get fuel into the carbs. The next day, it started quickly/normally. I left mine on.
There should be one hose going from the petcock to one side of the SOS, one hose from the other side of the SOS to the input of the carb bank, and a smaller hose going from the engine vacuum source to the vacuum port of the SOS.
I think there's a diagram of this on bikebandit.com or its equivalent. It may also be in the FSM for DOHC bikes.
You don't really need it, if you're judicious about using your petcock to control gas flow when you're done riding. To bypass it, you cap off the vacuum port on the engine, move the hose coming from the petcock to the input pipe for the carb bank, and you're all set.
You could also do a search on the home page for fuel valve or SOS.
Good luck, and I hope this helps.
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.