No, you need to run the line so their is a constant fall, like a drain pipe. The tank gravity feeds, and when the tank level gets low, head pressure is very small, so much so that is won't move bubbles that get into the line (like from the float valves), and that leads to fuel starvation.
A loop like what you depict, means the fuel has to be pushed up the tube to the carbs. It will work ok when the tank is full. And, no so good when it is less than one third.
Also remember there is no cross feed to get fuel over hump in the tank floor. Fuel on the far side of the petcock cannot provide any head pressure to the fuel line when the level gets that low.
Cheers,