My first guess would be you're getting fuel when it's set to RESERVE, but not to ON. Reserve pulls fuel when ON doesn't pull anymore. Most petcocks will give fuel when set to ON or RESERVE, but not both. I'd double check against the factory manual for your bike, to see how it was set up at the factory. It's possible the fuel lines have been modified somehow.
Good luck, and keep us informed.
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.