Yeah i think id opt for the manual petcock just for the peace of mind that I actually shut it offWell, you do want the petcock to be able to shut off. My original vacuum petcock also went bad, but to be expected for 40+ year old seals. I tried a rebuild kit on it but it didn't work as there was some pitting in the metal inside thus I changed to a full manual petcock with off/on/reserve switching.
You also need the floats to be able to close off fuel entering the carbs or you could be running rich at the lower rpms and idle as fuel overfills the bowls. I bought new needles and seats and very carefully set the float levels to 26mm measured from the bowl gasket surface to the top most part of the float while holding the carbs upside down. You gently bend the needle tang on the float to adjust height. I also made sure each side of the float was 26mm by twisting them gently. I know it sucks to pull them back off, but dumping that much fuel is no good for the engine as it can wash the oil from the cylinders leading to excess ring wear or make it's way into the oil via the crankcase vent tube in the air filter boot, diluting the oil and then causing main and rod bearing wear.
I watched a few videos on how to set float levels so I have an idea of what you mean by holding them upside down and adjusting the tang.
Do you have a link to where I can get these parts? I'm assuming you have the same BS34 carbs so it should be the same parts