My install is considerably modified from the R&M install. Link here:
http://www.valkyrieforum.com/bbs/index.php/topic,84264.0.htmlI also replaced the R&M tube between the tanks (aka the bung tube) with a heavier tube - maybe like the marine tube mentioned above. It may be the thicker pressure/suck tubing they use for A/C lines - been a number of years since I completed this install. But it needs to be more stout so it doesn't collapse - I had that problem.
It would be easy to return the bike to OEM configuration. Just plug the tank bung hole with appropriate plug from Ace hardware/True Value and route the fuel tube from the BT to the carbs back from the petcock where it used to be.
But IIWY I would keep it & fix it. A working BT is very handy especially if you pull trailers or ride in very remote places. Or just want lots of range. I also have an IS tank so I'm just under 10 gallons & almost 350miles range when not towing. I have rescued several group riders who ran out of fuel. If you fix it, I would add a heat shield to keep the header heat off the pump. Like this:

And you might want to pick up a backup fuel pump anyway. Others did, and so did I. But the consensus is, they fail because of the header heat combined with the pump not being immersed in the tank, like car fuel pumps are. There are other useful mods besides the very custom mod of making the BT a super-reserve that replenishes the main tank, that I did. Like adding a T fitting with a drain plug or valve at the inlet of the fuel pump so you can drain all the fuel out.
Like this:
