The tipover valve is meant to stop fuel from directly blowing out the line if the bike falls over, and soaking the charcoal canister. It must be vertical.
The over valve keeps the tank from just breathing in and out through the charcoal. It take a little pressure, before it opens. I believe it is directional. It takes more to work one way than the other I believe. With it in place, you will usually get a little vacuum when you pull the gas cap. Not a lot though. Maybe the main point of it is to keep moisture out of the tank since it isn't freely breathing all the time. Not sure.
I keep mine stock, and they just work.