I could probably offer a suggestion if I could see a few pictures of the tractor first... :)
Not sure of anything to do other than to remove it (the little T handle the you turn), clean it well, put some pipe sealant on it, PTFE or something like that, and replace it. Then you need to make sure that you do not OVER tighten the fitting that holds the valve in the sediment bowl, because that could cause the handle to be very hard to turn.
Anywhere where there is a very small leak, try doing the same thing, or just try to "snug" everything up a touch more!
Would LOVE to see some pictures of your B, as you know, I have a 1935 JD B with Kay Brunner Cast Iron Wheels on it. Mine has a rebuilt head, but other than that is in need of restoration!
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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