If you do replace it don't buy an el cheapo unit, they are pot metal, poorly made and leak through most the time. Stick to the name brands mentioned already.
Another vote for Pingel, if you're on a budget DRAIN the tank , remove what you have disassemble it and check with your dealer, they may have the parts you need for a couple dollars.
If you're leaking gas you should park it no matter what you plan to do.
take it off the bike and take it apart. it's very easy. to tell you the truth i don't remember what i replaced in it. it's been 10-15 years since it was done. i know the rubber gasket between the tank and petcock was replaced. the screen inside the tank was clean so i reused it. take the 2 screws out by the lever, pull the lever out and remove the sediment bowl too and go from there.
Ive used pingles for years, I decided to try the Golan.. a little bit less, but the quality is equal in my opinion, and I really like the detent* the Golan has you know when it is in the position desired. Ive used them now on two other builds plus both my personal bikes.. Im sold.
I never liked the vacuum operation on my 99 FXSTC, So I took it apart and put the spring on the other side of the diaphragm to make it inoperative with vacuum. I plugged the vacuum hose and have used it for years now with no leaks and manual operation. Even when It was vacuum I always shut it off anyway as I never trusted it.
If the petcock is stock from 1986, it did not have the diaphragm/vacuum type shut off. My 1994 did not have one either. Not sure what year it started, but my guess would be it had to be after 1994. YD