I, for one, have successfully rebuilt my pet-cock (
). How long it will last I'm not sure.
Mine was flowing a bit of gas all the time and also dripping gas around the knob.
I bought the full rebuild kit from Kawasaki which included the new diaphragm/seal as well as a couple o-rings and that fancy "over-engineered" rubber bit. The diaphragm itself was useless and a waste of $30 - don't buy this part! I replaced the spring in the diaphragm to give it a bit more strength in sealing the petcock and replaced the over-engineered bit (which really, you could also flip over to re-use.
If the petcock is running down your reserve in the "On" position I can think of two ways it could possibly do this:
1. It leaks through the over-engineered rubber bit from the reserve port to the fuel outlet port (which then leads to the diaphragm and stopper) even when set to On.
2. It leaks in at the plastic stem that gets inserted into the fuel tank. A crack or bad seal at the base of the "On" stem would drain the fuel tank past the reserve point.
What I can't figure out is why your tank and petcock seem to work perfectly off the bike....