Ok, news at (almost) 11...
I pulled the tank cap off and verified the vent was clear. I also ruined the remainder of the tank seal, so now I know it's really venting well ;D I tested the flow of the petcock with and without the cap closed, and it stayed the same, which seemed to be a decent rate.
I was too impatient to wait for the clear fuel line, so I cut up some 1/4" clear vinyl tubing (yes yes, 30 lashes with a wet noodle, and so on, do as I say not as I do, etc etc etc) and installed it in place of my auto parts store special black fuel line. Interestingly, the fuel lines only filled up about half way between the carbs and the petcock. Hmm.
I went for a ride, and had the same lack of power when I hit four grand. I limped the bike home and fitted my new replacement coils, as I discovered that my spare set of coils are now leaking wax. Doh. I still had the same problem of running out of power at four grand. I checked the Pamco e-ignition rotor, and it was tight and nothing had moved. Hmm.
I threw a Hail Mary pass and ran up to the hardware store to get a T fitting for my test fuel tank so I could try replacing the whole fuel storage / supply system. I made it out of Lowe's 10 minutes before they closed with a nylon 1/4" tee (man, 60 lashes with a wet noodle now!), and hooked up my IV system for motorcycles and hung it from the rafters. As soon as I turned on the fuel, the lines filled up completely. Hmm x2
I fired up the bike, adjusted the idle back down to 1300ish, and goosed it. It revved happily up to 5000 RPMs and would have gone higher if I hadn't stopped things there. It looks like I found the issue.
So, it seems that a new new petcock is needed. I see that hondacb360.com has a Japanese made replica for $35, but I'm also interested in aftermarket solutions and other's experience with them.
Here's a one outlet petcock that fits the 16 x 1.5 mm thread on the tank:
http://4into1.com/honda-motorcycle-fuel-valve-petcock-16-x-1-5mm-1/
The balls to the wall option would be to go to a barbed fitting and put an inline shutoff valve. Reserve? We don't need no stinkin' reserve!