your symptoms describe a pilot jet problem well.
that valve WAS a petcock originally, and somehow got broken. I'd replace it with an OEM part, pull the carburetors off completely and clean em thoroughly.
pay special attention to the recessed portions with what may look like small screws in them inside the float bowls, those are your pilot jets and the ones giving you trouble.
I can take a picture of one of my totally stripped CVK carbs for you to use as a base line for your bike.
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ZedX 1k owner. henceforth The bike shall be Zed.
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