Here's what's in the factory manual:
When the engine is not running and the valve in the on position, the fuel valve is kept in the closed position by applying pressure utilizing a spring so no fuel will flow to the carburetors.
When the engine is engaged, a negative pressure is generated in the diaphragm chamber "C" through the vacuum (negative pressure) pipe which is connected to the carburetors, and builds up a negative pressure which is higher than the spring pressure so the diaphragm is forced to open the fuel valve and thus allow the fuel to flow to the carburetors.
On the other hand, setting the valve in the ON position keeps the air return orifice open.
Negative pressure does not accumulate on the diaphragm at the time the engine is stopping, and then the spring pressure actuates the diaphragm to move back into its original position and closes the fuel valve.
However, setting the valve in PRI position causes the air return orifice to close, resulting in negative pressure in the chamber "C" under the diaphragm. This negative pressure doesn't allow the fuel valve to close and therefore fuel keeps flowing to the carburetors.
In other words, you need the vacuum to reset the petcock after moving the lever from Prime to Run...
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