The engine heat is not the problem, as the leaking gasoline will immediately evaporate once the engine is hot. You're more likely have a fire when the engine is cool, as you have four ignition sources directly below the fuel tank, namely the spark plug wires.
Drain the tank, remove the valve and rebuild it using o-rings from your local hardware store. One o-ring seals the valve screw, and the other seals between the tank and valve. Replace them both. There are plenty of posts on the Ford board that describe how to do this. Here is one: https://www.yesterdaystractors.com/cgi-bin/viewit.cgi?bd=ford&th=551799
One suggestion I have is to not drill out the pin that retains the valve screw as described in the above thread. Instead, find a pair of very sharp FLUSH-CUTTING diagonal cutting pliers and grab the head of the pin. This is much easier than drilling and tapping. although it can be difficult to find flush-cutting pliers. The ones I use are intended to cut the stems of CherryMax rivets.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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