Will,
My Honda 4 wheeler is a 2004 with carburetors. When I bought it new, the dealer told me to always shut off the fuel when not using. Apparently the needle valve is extremely small and any debris could block it open, causing the crankcase to fill with gas. Not a good deal!
Filling the crankcase with gas is highly unlikely. On a 4 stroke, if the float stuck open and allowed lots of gas to free-flow into the carb, it can only get into the crankcase if the intake valve happens to be stopped in the open position (very unlikely) AND only then if the rings are very, very shot so the gas can slip by and down into the crank. To be this loose, the engine would have to have almost no compression.
Running the engine out of fuel is a maybe, maybe not.
Some engines are fine with it. Other engines are very sensitive to the varnish that is left behind when the gas is turned off if it’s kept off long enough (or the engine is run) so that the float bowl fuel dries out or is used up and they will be a real PITA to get started again.
As Suzuki pointed out, some engines also can be a real pain to get the fuel flow restablished and get the system air-free on a restart.
Personally, I’d say if it isn’t broke, why fix it? I’ve got a whole shed full of small engines sitting there 24/7 with the gas turned on. Never had an issue with any of them free flowing gas. Sure, anything can happen. Your ATV could get hit with a meteor too.
Grouse