Well not sure what the issue was exactly. There was a bit of crusty stuff in the petcock, so maybe the gas started to varnish a little, or maybe it was due to rusty gas drying up. There was a bunch of rusty crap in the bottom of the tank after draining, no idea where that came from. Hosed that out really good till it ran clear, WD40'd it, and rinsed it with gas.
Gas in the bottom of the tank was now clear/slightly yellowish as it should be instead of orangeish. I cleaned the petcock out of all crusty crap and put it back together, I stretched out the spring in the back behind the diaphragm a little as well, no drips so far after filling everything back up. Wish I had clear fuel lines so I could be sure, might be a project for this spring.
Looks like it was a $0 fix, hopefully it sticks.
1985 VN700 - ~5800 miles
-Leather Saddlebags & Front fork tool bag
-NGK Iridium Plugs / NGK Plug ends / New plug wire
-Kuryakyn ISO style Grips