The "Cave Man" way...because Nick asked...

Check alignment

Lower section of shut off

Implement of destruction...

This procedure was told to me by Motorcycle Mike...

A quick and dirty way to align your fuel shut off without the tool.  This seems like it only works on foot shift tanks because the shifter pivot bracket will be in the way on hand shift tanks. (as is the one in the pic above) Although you may be able to use a socket and short extension.

Here goes...

1. With the fuel shut off completely assembled in the tank, crossover fuel line and all, Note: leave out the rubber at the top so the rod slides up and down through the top freely. And leave the feed line off.
2. With tanks mounted on the bike and with the gas cap removed, look into the tank and push the shut off down until the rod end contacts the "receiver" portion of the shut off. By doing this you should be able to tell which way the "receiver" needs to move by noting where the rod hits the "receiver".
3. Lift the shut off so the rod is just above of the hole.
4. Fit a 1 inch box wrench around the lower section of the fuel shut off and using the wrench as leverage bend the bottom part in the direction it needs to go depending on where the rod contacts the receiver in step "2".... do this a little at a time... In theory...This will actually bend the bottom of your tank back to where it should be. (It probably got the way it is by someone trying to tighten or loosen it)
5.  Slide the rod down to check alignment...When it's right the rod will drop right in.

Warning...Be careful not to do more harm then good...

Disclaimer: I have not tried this, but Mike swears that it works... (He recently preformed this procedure on his Panhead with good results....)

Personally I recommend the tool...I also saw that someone came up with another tool that works with tanks mounted but I can't remember where I saw it...it was on a blog...