A quick check of the manual and a review of the coolant flow path shows why it will overheat. If it is left in the drain position it will allow a significant portion of hot coolant to bypass the radiator. If you look at page 4-1 of the manual you can see the flow path under normal operation. Normal flow is down from the coolant header (where the cap is) and then into the bottom of the thermostat, my guess is to let a small amount of coolant to always flow through the system by bypassing the radiator (hence the small size of the coolant line). In drain it opens to the bottom of the radiator right next to the hose where the "cool" coolant heads to the thermostat through a much larger line thus letting a larger volume of coolant to bypass the radiator. As the VMax cooling system has such a small volume it will not get adequately cooled. Know that the position of that valve is important because I have seen several bikes overheat just due to that.