Sounds like a malfunction vacuum petcock. Possibly just a cracked or leaking vacuum line operating the vacuum diaphragm. With the choke on there is enough vacuum to operate the petcock , but as it warms up the reduced flow from the partially closed petcock feeder line causes you to run out of gas when trying to drive at speed. Check the vacuum line for damage and replace if necessary. Check the fuel petcock for internal damage. If vacuum diaphragm is cracked or has a pinhole replace the petcock assembly about $75)(K&L may have a rebuild kit about $30).
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