And' the valve leaks......Can the valve be unscrewed from the tank for replacement? Or can the valve be serviced with a new gasket perhaps?
i would not worry about replacing the wsher inside the valve...U can go to about any home improvement store and just buy a new valve for around $10...so if they have a quarter turn valve...those will serve u best in the future plus it is a ball valve which doesnt use a washer but a ball inside turn so it is a better seal...just drain the water heater then unscrew the old one and put pipe sealant on the thread of the new one and just screw it back in and fill ur water heater back up and ur done..
Go to the following site and enter the Model of your water heater in the box provided Click on the Magnifying glass. This should give you a list of all the parts for your water heater.
If it is a regular brass valve, you will have to drain the tank first, then replace the washer in the valve with one rated to be used for hot water. You replace the washer just as in any valve by removing the bonnet and stem. there you will see the washer. You may want to clean the area of any calcium carbonate that may had developed on the seat before putting it back together. If you decide to replace the valve, it is a 3/4 inch male NPT hose bib valve rated for hot water service. Personally, I've always thought that if I ever had to change one of those valves, that I would replace ti with a good ball valve that had a threaded hose end screwed into the discharge end for better drain flow. The whimpy valves that they put on water heaters is pathetic! If you use your favorite search engine and just search for water heater drain valve, you will find all kinds of cool replacement valves!