Functionally the Pingel will work just fine. Be sure to remember to turn the handle to the "off" position when you park the bike since the vacuum diaphragm won't be there to look out for you.
There might be another problem, however. I tried to do this same thing a while back and discovered that the Pingel wouldn't fit. It screws into the tank just fine, but it's larger than the stock petcock, and the direction of the outlet nipple, coupled with the size, meant that the fuel line interfered with the choke cable mount on top of the coil. The fuel line must take a 90 degree right hand turn immediately after the nipple and the fuel line interferes against the coil mount quite hard. If you turn the Pingel clockwise, to move the outlet nipple away from the coil, the bat handle will then be difficult to access under the tank.
Also, the outlet nipple on the Pingel is larger diameter than stock, meaning you can either stretch the stock fuel line hose over the Pingel (hope it doesn't split) or get an aftermarket fuel line (must search for a 90 degree bend at the right place) and then have it too loose at the carb and squeeze the excess width over the carb fuel nipple.
Anyway, I finally gave up on the Pingel, rebuilt my stock petcock and all has been well since. except for the expensive lesson I learned on the Pingel. It's a nice piece, just wouldn't fit my bike's layout.