My opinion...drain the tank and remove the shutoff valve. Then you can take the valve to the bench and work on it without standing on your head, and worrying about gasoline dripping all over you. Make sure you have plenty of ventilation in your shop...fumes + ignition source = BOOM!
Of course, you may be able to just tighten up the packing nut under the valve handle....have you tried that? Be careful and don't break the valve off at the tank...!
Hope this helps...