There are two hoses which connect to the petcock: a fuel hose (duh), and a smaller-diameter vacuum hose which connects to a tap on carb #2. The vacuum from carb #2 goes through this hose and pulls a diaphragm which allows fuel to flow when your petcock is in the ON or RES positions. THERE SHOULD NOT BE FUEL IN THE VACUUM HOSE! If there is fuel in the vacuum hose, then that diaphragm probably has a tear in it, and the whole petcock should be replaced (very limited reports of success on rebuilds). Since your bike is an 80, it probably has that oddball petcock with no PRI position (which would allow fuel to flow without the vacuum).
Also, if you disconnect the vacuum line, you must plug the tap on carb #2 (or plug the hose if you left it in the carb and unplugged the petcock end).
High idle is caused by too much air getting through (or around) the carbs. If your intake boot o-rings are original, then it's likely they need to be replaced, and they can definitely leak some air. But I kinda doubt that they suddenly went from stable 1200 RPM to 4k RPM. So, some things to check:
1. Is your petcock vacuum tap on carb #2 open? If so, carb #2 can suck air through it, bypassing the throttle.
2. Did you replace the plugs on the intake boots after doing the carb sync? To do the sync the plugs come out and taps go in: to which hoses for the carb sync gauge are connected. Those taps allow air in (which I mentioned before). Make sure the plugs went back in and are snug.
3. Is the choke operating freely? The so-called "choke" on these Mikuni carbs is actually a fuel enrichment circuit which allows an enriched fuel AND AIR mixture through the carbs. 4k RPM is not unlikely with choke stuck open.
4. Did you adjust any of the screws when you did your carb sync? The point of the sync is to adjust the relative opening of the throttle plates on each carb (eventually all relative to #3, the master carb on 4-cyl GSes). If one or more carbs are closed too much, that can cause the others to hang open and let too much air in.
5. Sticking throttle cable? There should be about 1 mm of slack in the throttle cable.
When you replaced the air filter, did you just replace the foam element? Did you oil it? Is it back in tightly?
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