The valve on the bottom of your air tank has two "wings" , the "turn-thingy", that you turned to open the valve and drain the tank. Closer to the tank is a hex. This is the body of the valve. If you wanted to remove the valve you would use a wrench that fits the hex to unscrew the valve. If you have one, a six point box end wrench would be best to remove the drain valve. This is because the valve body is probably brass and so is soft while at the same time it has been in the tank for a long time which means it is probably going to take extra torque, more than if it was just installed, to remove. And because it is brass it is soft and will tend to round off the flats if a close fitting wrench isn't used.
I would remove and replace this valve if it was my tank. In fact every air tank I have ever owned has had the valve removed and replaced by me. For two main reasons. The first is convenience because it is so much easier to open a ball valve because it has a long lever and I locate the valve such that it is easy to access. The second reason, which should really be the first, is safety. The stock valves, located as they are on the bottom of the tank, are a perfect mechanism for injecting oil, dirty water, and dirt under your skin. This is because people will open the valve before the tank is at zero pressure and will have their hand in the way of the tank contents as they are ejected. Which can lead to the tank contents being injected under your skin. I know the danger well yet I am guilty of opening the damn valves too soon. I have narrowly avoided getting a compressor tank ink tattoo on the palm of my hand. And I know better.
Cheers,
Eric