The vacuum operated fuel valve only opens where there is vacuum. The "regulation" capability is largely fully On or fully Off by design. It's to keep the carbs from overfilling and diluting the crankcase oil.
If it is leaking, the diaphragm is bad and needs replacement.
Or, were you planing on supplying fuel to all the carbs with the leak source from the diaphragm?
Perhaps your reserve setting bypasses the vacuum control. You could operate from that, but when you're out of gas, that's it, you're walking! And, if you forget to turn off the valve and the carbs overflow, then you have oil supply gas dilution. So, you'd better check the oil level and quality before each start up.
Are you really too cheap to fix it properly? Or, is this an apocalypse bike?
Cheers,