The Cliff Notes version:
On a 1986 (with carbureted engine) the Pollak valve is a motorized valve. To switch over tanks requires that you lean on the switch for the recommended 2 seconds. That will also change the tank level signal over to the active tank. The wiring for the gas gauge is mechanically coupled to the valve internals. After that, the plumbing (and tank level signal) will remain where you left it - until you push the dash button again and shift tanks.
Will the engine runs both tanks dry?
Yep, if fuel pump suction is allowed to remain on a particular tank long enough - it will strip the tank.
As used with a TBI equipped vehicle, the tank select system actually has 3 functions instead of just the normal two performed by a system using a mechanical engine mounted fuel pump. In addition to switching tank feed/returns and level indication, the dash switch also energizes/switches the associated in-tank fuel pumps.
Since the power supply to the fuel pump must continue - even after the plumbing and level indication have been changed over - the momentary switch/motorized actuator set up used from 81-86 was not an option (apparently the same wiring harness was to be used in model year 1987).
A solenoid operated actuator operated by a rocker switch (the pre-81 design) was also not a viable option because solenoids only use an O/I type signal - they move in one direction when power is applied and only move back due to spring pressure when power is secured. The in-tank fuel pumps each needed their own power supply - that was switched on and stayed on - whenever it's associated tank was selected as the active tank.
So, both pumps needed power even after the tanks were switched over. But a solenoid set-up was only on/off not left/right and a standard motorized actuator would burn up if power was left on for any considerable length of time.
In the end, it appears that Pollak developed an actuator that was specifically for the 1987 model year. It is a motorized actuator with a rocker switch that killed the power only to the valve's motor windings (and yet continued to supply power to the pumps) after the valve had shuttled. That allowed GM to use the same wiring harness - and still supply power to the fuel pumps after the valve had shuttled .
Here read this - it explains it much better than I am doing tonight:
The information I have is the 87-91 carbureted & TBI trucks used a 4
terminal dual pole dual throw rocker switch (D7089C - #15599081) and a motor
type switch-over valve (not solenoid operated) that included a fuel level sender
switching circuit and switch-over current control (#15548879). This system
was very similar to the previous carbureted trucks with the exceptions of
the rocker switch no longer is a momentary type switch and once the
switch-over valve is in commanded position, the unnecessary current flow is
ended by an switch and diode circuit within the switch-over valve itself.
The left & right fuel level circuit switching is handled internally by the
switch-over valve.
TBI - post 86 :
You must be registered for see images attach
81 - 86 wiring:
You must be registered for see images attach
You must be registered for see images attach