Please help identify this valve on 59' Edsel Ranger

[BadAppleRides]

Good Afternoon:

I have recently acquired 1959 Edsel Ranger 2 door sedan (never had this car before), which is pretty stock with Economy 6 cylinder engine - also all stock. When I started the car the other day, I noticed a slight coolant leak/drip from the top of the valve, which I assume is manual heater control valve (or not) but I am not sure. (Photo is below/ attached below). I do not believe this is a drain valve is one of the heater hoses is directly connect to the valve itself.

Does anyone know if this is, in fact, heater control/shut off valve  and  what would be an easy fix except obviously changing the entire valve and hose (the hose is in decent shape). I have tried to hand tighten/loosen the valve, and, boy, this thing will not move. I sprayed some WD40, and the thing will not budge. Before, I start screwing around with this, I wanted to check on the forum and get any advise from people who know what they are doing )!
 

Any advice is much appreciated!

Thank you.

Martin

[DB26]

I have a '59 with the 292 V8. BUT My heater valve looks just like that. So I am very confident yours is the same. I replaced my original with an NOS one from eBay because of your exact  problem, the old one was frozen solid. I'm not too sure as far as fixes for the old one. If you are able to get it to move, all the way down would of course be the off / closed position.