Brad, the fuel will flow through your taps in any of the on, res, or prime positions. It's the octy valve that controls the flow.
The on and reserve feed fuel through one outlet to the vacuum controlled section of the octy valve, so will only let fuel to the carbs with the motor running. The prime position feeds fuel through the other outlet which joins the carby fuel inlet lines after the vacuum (octy) valve, so will let fuel through to the carbs at any time.
The lines could've been swapped accidently after a carb service. No biggie, unless the carb needles and seats aren't up to scratch and let fuel weep through slowly (overnight usually)
Main indication of any problems here are fuel leaking out of the bottom of the airbox.
Most of us on here have seen this symptom personally at some stage, so it's not a rare occurrence either.