You've been looking for this for years!  Now it's finally available.  This is a better than stock, replacement petcock for your Kawasaki MT1 or KV75.  It has a reserve(forward) position so you won't get stuck without gas.

Note:

These come to us with either a black or red cover over the lever.  We cannot control what we are sent, so it will either be black as shown in the pics or red.