In that case, get yourself a bike to fix up. This one will do.
Engineering classes won't really teach you how to fix this thing, but rummaging through the internals should make you appreciate your classes more.
I say go for it.
The float valves are the things in the carburators that shut off the fuel. Aka needle valves. They work like the float in your toilet. There's an oring in the seat on that valve, sometimes it leaks. The petcock is the fuel valve. It's vacuum operated and should shut off when the engine is off.
look up the carb cleanup series on
www.thegsresources.com. one of the pages has pics of the floats and valves, along with every other part of a carburetor. Should be similar carbs to the ones on the bandit.