So my above fix did not last so I thought I would share with you what I did. I'm really pleased with the results.
Petcock conversion:
1: I used a hack saw to saw off the nipple with the male threads.
2: Filed down smooth.
3: Drilled out with 7/16 drill bit.
4: Tapped for National (NPT) Pipe Thread 1/4 -18 - Harbor Freight sells a set. You have to have a rather larger handle to fit the bit.
note: on both the drilling and tapping I dipped them in grease to catch the filings. Do both a little a time and wipe and dip again. I then poured Sea Foam into the tank and shake and drained to get out any last bit of filings. I did this three times.
7: Spray painted the where nipple is cut off.
8: Use yellow teflon tape on the threads to seal.
This is the new petcock I used. It looks great with my military bullet.
http://www.panicy.com/mini-petcock-straight-with-reserve/I'm so happy to have moved away from the piece of junk petcock that came with my bike and open things up to use any 1/4 NPT petcock.