The thumbscrew on the new tanks merely closes off the vent "absolutely". Opening the thumbscrew does not vent anything, but allows the 5 psi vent to work. It's a terrible design (in all tanks of all brands) and sometimes the vents stick, allowing much higher pressures than merely 5 psi. They can also allow a significant vacuum to develop in the tank. These tanks can look like throw pillows, or appear to be crushed.
I doubt the fuel pump on a 9.8B will ever deliver more than 3 psi. It's always good practice to disconnect the primer hose when not running. In the case of 4-strokes, extra pressure can rupture the fuel pump diaphragm, and dump fuel into the crankcase. On the carb side of things, the float valve can weep, also flooding the intake with fuel, and possibly getting down into the crankcase.
Current production does not use a fuel demand valve at all, even on 4-stroke motors. When they went with an improved-sealing motor-side fuel connector in 2012, they deleted the fuel demand valve.