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 - It Can't Be Done! - A Tractor Story - by Neil Campbell. I'll never forget the time back when I was a boy baling hay on our Farm in Big Rapid, Michigan. The most memorable event that took place was a trip up the steepest incline on the farm pulling an old New-Idea baler with a pony-motor for power and a haywagon. I had just talked my Dad into buying an old John Deere B with 6-speeds ahead and I was real proud of it, except it was a little smaller than the Case tractor that we normally
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