Do I took my own advice and did some searching as what nicholase posted got me thinking. I found this description on CJ Pony Parts for the "Fuel Tank Vapor Valve"
"This Ford E7DZ-9B593-A Fuel Tank Vapor Valve is designed to be a direct fit replacement for 1980-1998 Mustangs. The Fuel Tank Vapor Valve vents to the carbon canister. The Vapor Valve mounts in a rubber grommet on the fuel tank. A vapor space between the fuel level and the tank upper surface is combined with a small orifice and float shut-off valve in the vapor valve assembly to prevent liquid fuel from passing to the carbon canister. The vapor space also allows for thermal expansion of the fuel."
So this makes sense and in a roll over or an overfill situation the float should stop the fuel from going down the vapor line. So with that if the charcoal canister or the vapor line between the tank and the canister have fuel in them then I would still say the valve is not working properly.
This is from a post by Saleen0679 on a Corral thread:
From the manual:
Pressure/Vacuum Relief Fuel Cap
WARNING: FUEL TANK MAY BE PRESSURIZED. TO REMOVE, ROTATE OVER ONE-HALF TURN COUNTERCLOCKWISE. IF CAP IS VENTING FUEL OR A HISSING SOUND IS HEARD, WAIT UNTIL THE CONDITION STOPS BEFORE CONTINUING TO TURN THE CAP. IF THESE PRECAUTIONS ARE NOT FOLLOWED, FUEL MAY SPRAY AND CAUSE PERSONAL INJURY.
The fuel cap contains an integral pressure and vacuum relief valve. The vacuum valve acts to allow air into the fuel tank to replace the fuel as it is used. The vacuum relief valve opens after a vacuum of -3.4 kPa (-0.5 psi). The pressure valve acts as a backup pressure relief valve in the event the normal venting system is overcome by excessive generation of internal pressure or restriction of the normal venting system. The pressure relief is 11 kPa (1.6 psi). Fill cap damage or contamination that stops the pressure vacuum valve from working may result in deformation of the fuel tank. Care should always be taken to use a proper fill cap in good working order.
The fuel cap is a threaded screw-on design with a pre-vent feature that allows the tank to vent for the first three-quarter turn before unthreading. All fuel caps are attached to the vehicle with a tether using the filler pipe-to-housing screw at the three to four o'clock position. The fuel cap assembly provides pressure and vacuum relief functions and should be replaced with the proper pressure/vacuum relief cap to prevent possible system malfunction
I do not know what "manual" he is talking about but my guess is the owner's manual. I went to look for mine and cannot find it so I cannot verify that all of the above came from a 86-95 Mustang manual. I am going to be a little upset with myself if I have somehow or another lost my manual...
The more I read on this my assumption is that our gas caps are "non-venting" which by definition means they do not relieve vacuum or pressure. I removed the gas cap on my Coupe and its has a pretty substantial seal where the cap comes to rest on the filler neck. I grabbed a picture of the gas cap off of LMR, what is the purpose of the holed and whatever is in the end of the gas cap if this thing is non-venting? It looks like a way for the cap to relieve to me but I am not taking mine apart to confirm.
I went out and looked at the charcoal canister on the Coupe as I seemed to remember caps on top of it and confirmed they are there. Does anyone know how the canister functions air flow wise? I understand how charcoal absorbs hydrocarbons and that the line from the tank goes to the canister and then a line comes off of it to the solenoid that is then connected to the upper intake. What I want to know is how the air moves in the charcoal canister itself is what I want to know. Curious to know if the vents on top of the canister will allow air leave but not get sucked in or what.
I have gone far enough down this rabbit hole over lunch so hopefully someone else can add to this as there does not seem that anyone really knows how each piece in the system functions just that they are all part of the system and vapors go from the tank to the motor.