So, theoretically unless somebody was messing up with the hoses, if issue was discovered and solved by 1988-1989, none of the 1500 Valkyries (including my 2000) should have a hydraulic lock event. However, I'll keep turning gas off even so I never did on any of my other bikes ever.
There is a guy named Dave Wilder that is a member of the Valkyrie FB group, he owns
https://www.valkyrieflatsix.com/. He is the one who I got a lot of my information from and he has rebuilt more Valkyrie carbs than anyone on earth I'd imagine. He suggests using the electric fuel shut off along with a non vacuum petcock. The vacuum on the petcock can fail so you are taking that out of the equation, then add the electric auto shut off and you don't have to worry about fuel dumping into the carbs which can increase the risk of hydro-lock. If fuel cannot get into the carbs it drastically lowers the chances. Many Valkyrie 1500s have had problems with hydrolock and it ends up requiring replacement of the starting gear since it will break off a tooth and it's a major job. What ever you do please take advice from people who know what their talking about. Two major things Valkyries suffer from are leaking carbs and hydro-lock.