can't simply add an elbow.. the tap screws tot he tank with 2 screws and has an oring seal there.. plus a seal in the valve.
pretty easy to rebuild.
IF you were to eliminate the valve.. i would probably disassemble it and tin the brass valve and the zinc valve body and then solder them up so the valve was open.. i know some people have reported doing so with a jbweld plug as well.
IMHO.. it's more work to jimmy it than just take apart and repalce 2 orings...
ps. oring wear occurs from valve opening and closing.
you could take apart.. repalce orings.. then leave valve open and then put an inline common ball valve in that was easier to work on .. or more durable.. etc..