Hello SixDogs.... You are on the right track with the sealant. I don't know if tape will help. The problem of a leaky fuel tank valve was epidemic in vintage tractors and motorcycles 50 years ago. At the repair shop the mechanics were always dealing with them.
Bikes and tractors both use gravity fuel feed instead of a fuel pump, and that means old farm tractors and motorcycles have to have a fuel tank above the carb and that tank had to have an outlet on the bottom. Add engine heat and vibration and that's pretty much a recipe for leakage.
A gas tap like that really ought to have been welded into place and then left alone, but manufacturers didn't seem to be capable of doing that. Instead, they complicated the
problem by theading the tap into the tank and then hanging an an on/off lever and sometimes a crud filtering system onto it.
So the sealer you want needs to be able to be easily applied and removed because you know there is a chance you are going to have to take that tap off to work on some part of it someday again.
In addition to being easy to remove, the sealant has to resist gasoline, and stay flexible either forever - or at least long enough to deal with being tightened occasionally, stay sealed under constant vibration, be easy to deal with removal/repair, and all the time have enough elasticity to deal with the internal pressure and thermal expansion without flowing out of the joint..
You basically want something that goes on as easy enough to flow and follow threads, but which cures overnight into a thickened flexible material that has good adhesion to metals....and then stays that way for years or maybe decades....
The rigid permanent epoxies fail on several of those requirements. Some gasket sealers like the RTV and silicons stay flexible, but most are not long term fuel and alcohol resistant.
But there is an answer.
The "go to" goo for gas tap threads is Hylomar Universal Blue - it's an aviation product, but you can find it online. Get the old style formulation. I've used it many times.
Hylomar Ltd manufactures a wide range of high performance sealants and adhesives used by many of the leading OEM’s in the world of automotive, aerospace, white goods, power generation/distribution, electronics/photonics and general engineering.
hylomar.com
There are three Permatex products that seem to be chemically similar to Hylomar and now that 50 years have passed they might even be better. But I don't have experience with any of these Permatex products myself. I'd want to run a few basic experiments just to convince myself they are good.
They are:
Permatex 80017 Aviation Form a Gasket
Permatex 85420 Orange Permashield
Permatex 80057 300 Form a Gasket
Good luck with your Farmall. I've got to replace/rebuild the gas tap on our old John Deere this fall myself. Cork gaskets don't last forever. So I'll be using one of those products myself - and hoping I can get that pot metal assembly out and back in without it cracking.
rScotty