You can learn how to test your petcock so you'll know it is OK...
Does it go to reserve properly?
Does your bike run out of gas after a mile or two if you put the
petcock on "off"?
There's a rebuild kit ("cover set") you can get for $35 or so (around $50 if you get a new
in-tank filter), here's one of many articles on rebuilding the petcock:
http://www.valkyrieriders.com/shoptalk/petcock.htmThere's a good vacuum test in the article.
You'll get about 5,000

hits filled with pictures and the thoughts of other
members if you search for petcock on this board, tons of good information... you
are right to worry about it, there's a lot of true stories out there about hydrolocked
motors, I've seen one myself...
-Mike