It's not ethanol, It's not the fuel pump (although a non-siphoning pump would be nice, but probably a lot louder - they're usually solenoid pumps) and you don't need a check valve or an extra fuel shut-off, although Al Gallo installed a Marine fuel shut-off under his tank to make it easier to change the fuel filter.
I totally agree with the Pilot Valve camp - The problem is probably a carb pilot/float valve stuck open, or it may be a leaking accelerator pump gasket or pump check valve that drains the bowl. Either way, the fuel gets out of the carbs and drains down into the cylinders and then, well.....You've seen the result.
Get a pair of rebuild kits for your carbs from CB Performance
http://www.cbperformance.com/R...ccessories-s/167.htm
Most, if not all, of these kits come with new pilot valves so replace old with new and that should cure the pilot valve problem. It takes another five minutes each to replace the accelerator pump stuff while doing the rebuild, so go further than just rebuilding the top end of the carbs and do the whole Monty - What the heck.....You've got them out anyway and there'll never be an easier time to do it. Make sure you blast out the passages, especially the accelerator pump ports and passages with a good carb cleaner, like Gumout, and the check ball, too.
Make sure you re-set the float level after replacing the pilot valves - no new batch of valves/seats is ever precisely the same as your wicked old ones in there now.