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Bamboo is right, the Everbest (ever the worst) were used on all /5 and then for the /6 they finally gave up and used petcocks that actually worked.

In one of the tech schools by BMW, we were told by one of the trainers why that worthless petcock was used for so long. Some engineer designed it to also be self vented. They were so proud that the overwhelming evidence of failure meant little. That trainer hated the Everbest.

Update: Thanks for the suggestions. I got the new petcocks but I know I need to clean the tank and was trying to come up with a way to seal the petcock holes. So I pulled the petcocks apart, they were frozen in the "on" position, and they came apart quite easily. I just cleaned them up a little and used vasoline on the rubber parts. Put them back together and they seem to seal and the arm moves easily. So I'll screw them on for the rust cleaning soak. If they don't seal with liquid I can just hook a piece of rubber hose between them. Hey worse case is the owner has a spare set.

That is ingenuitive - For mine I used black rubber corks from the true value hardware and they worked fine too.

I too would rebuild, Just open them up, clean the parts and body, assemble with Vasoline and try them out. You may be challenged with screwing the cover back in.