When you remove the fuel lines there will be some gas that will come out, but it shouldn't siphon out. The fuel in the line from the tank to the selector valve and from the selector valve to the fuel pump will come out. As far as fuel in the lines, that isn't a problem. You should still have gasoline in the carburetor to get the truck started (after the selector valve is removed and replaced). Air in the fuel line won't hurt, and should flush out once everything is up and running.
If you're using one of the replacement selector valve, like the borg-warner brand, you will want to verify that the hoses are installed to the correct ports for left and right side to operate correctly. After you install the selector valve, if you find that the hoses are reversed (switched to left tank, but drawing from right tank), the fix is simply swap where the hoses attach to the selector ports.
So you can just pop the hoses one by one onto the new valve...