Welcome to the forum and good luck with your new project .
Unfortunately the fuel tank is going to require a fair amount of attention . If you have pin holes in the tank your going to have to remove the rust ,repair the holes and more than likely use a liner product to seal the interior of the tank . I've used a tank liner product from Caswell ,but there are other liner products available . You might also consider sending the tank to a specialty company for repair and lining .
There are kits available to rebuild the factory petcock but they tend to be leaky ,finicky things . If you don't care about originality an adapter and after market petcock make life much easier .
Again ,good luck with your project and keep us informed of your progress .
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