Do a flow test. The petcock has to flow more than the engine uses. My anemic 350 uses up a float bowl full in about 200 yards if I forget to open the petcock...
...but it refills in under 2 seconds after I open it back up.
I
think 2CV suggested a refill rate of a cup in 30 seconds, that seems right. My Hitchcock's "methanol" wide bore petcock easily does that but you lose reserve function. I don't care about reserve, but I do like the petcock to allow my inline filter to "burp" any trapped air.
It looks like your fuel tap bolts on, so it'll likely be harder to find a higher flow replacement unless you have a bolt on pipe nipple tap plate to allow use of the old school tap. I believe H's has this adapter?
I had luck in my tank with "OSPHO", a hardware store phosphating compound for rust control. I used detergent and a garden hose to get the gas residue, then Naval Jelly to eat the rust, then another wash & rinse cycle(s) to get out the Naval Jelly, then taped up the tap and added maybe a cup of OSPHO thru the fuel cap hole. I sloshed it about the tank to coat all inner surfaces several times over maybe 15 minutes, then dumped it out and let the sun bake out any liquid over the next 2-3 days. The OSPHO changes the surface rust to a bluish-black coating bonded (so far!
) to the tank metal.
After everything was dry, I reassembled and refuelled. I haven't had any "rust dust" or crumbs since in my filter or float bowl.
OSPHO was cheap and chemically bonds with the iron in the rust. I didn't want a plastic sheet inside that could later peel off. You can always "rinse & repeat" if it starts re-rusting in a few years, OSPHO comes by the gallon; you'll have plenty left. My treatment is still good after 3 years.