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 - A Question for Dads This recent topic from the Tractor Talk discussion board is being highlighted because it is an awesome display of the caliber of individuals that have made this site their own. The young person asking questions received positive feedback and advice from total strangers who "told it like it is" with the care many reserve for their own kids. The advice is timeless... so although it isn't necessarily antique tractor related, it will be prominently displayed in our archives to honor those who have the courage to ask and those who have the courage to respond in an honest, positive manner.
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