I wondered if this would ever become an issue for more people. Major problem for my sled last year, same symptoms as described above fist the pump starts squeeling like a pig and then sled starts cutting out, always with 2-3 gallons of fuel left in the tank.
I spoke with the engineers at Walbro (who make the smart valves) at length about the issues to see if there is something that can make the smart valves go dumb. In the past, the actual plastic that some of the gas tanks were made out of would react with gas over time and release some plastic residue that would clog the intake screening material on the valves. This was solved with a slightly coarser mesh material and better plastic in the tanks. As far as wear items in the smart valves there really aren't any except the springs. When the fuel gets low and the valves come out of the fuel they close and compresses the spring, so depending on how you ride the valves could cycle a lot each day and sack out those little springs slightly making it hard for the valves to re-open. They are a very low rate spring and hard to find. You might try stretching them slightly as an interim fix.
The other possibility is that you have water in your tank and the valves are working as designed and pulling closed when moisture contacts the water resistant mesh on the valves. I drained my tank several time and never saw any water...
I think the main issue is not with the valves but the design of the system by Cat. The way its plumbed all the fuel has to go through the front valve. Its a small fitting to begin with and makes a 90deg turn inside the front valve, very restrictive. When your going up hill and the front valve comes out of the fuel and closes the pin on top of the diaphragm is sucked up into the 90deg fitting and further restricts the flow from the back two valves. And the front valve then has a hard time re-opening because of the focused suction on the top of the diaphragm inside the fitting going to the rear valves. In theory the valve with the vented diaphragm should be in the rear where cat has it because it will not suck air when going up hill and still prevent the system from becoming vacuum locked. The prescribed fix on HCS to move the vented valve to the front will allow the system to suck more air when going up hill but it allows the front valve to break the vacuum and re-open easier.
The other way to deal with this is plumb in a "t" above the front valve that allows unrestricted flow from the rear valves that doesn't have to go through the small 90deg in the front valve.
Last issue is the valves have a hard time staying on the bottom of the tank because of the plumbing and the rear ones especially can twist and move up the side of the tank from bouncing around. Some low points/depressions molded into the tank and better way to secure the valves would probably help a lot.
I did a T for the rear two valves, stretched out the springs slightly, moved the vented valve to the front, and checked in the tank with a bore scope to make sure the rear valves were flat/ in the correct spot and haven't had an issue since. But this is just one more thing we shouldn't have to do on this sled to make it work

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Here is where you can get replacement valves if your in a pinch with an
interesting read on the smart valves.
Also if you had a fuel pressure gauge you would see a big drop when the pump starts humming.....not good for the pump OR MOTOR