Time for a Pingel Hi-Flo boys! 
Hoist! 
I had an expensive lesson on Pingels. I'm sure their petcocks are good pieces in themselves, but:
1) They use a different diameter fuel hose from stock--larger. So if you get a hose that fits on the Pingel nipple, it will be hard to get snug on the carb nipple. Use the stock one, and it will require a lot of stretching over the Pingle nipple. Plus, the fuel hose must have a 90 degree bend just after the nipple to go across to the carb side. Hard to find in the Pingel-required size.
2) The Pingel's hang lower that the stock, and appear to be just plain bigger, the outlet nipple interfering with the choke cable/bracket at the end of the coil. If you rotate the Pingel clockwise to clear the bracket, the shut-off handle will be hard to access under the tank. If you rotate the Pingel counter-clockwise, the outlet nipple will direct the fuel line in front of the bracket and block it. It wants to be directed perfectly straight ahead but then it butts straight into the choke cable.
So I just cleaned up my stock one, installed the rebuild kit and all has been well since.