You'll likely have a difficult time trying to remove the big hex bushings from factory-assembled air compressor tanks. If you see orange sealer used on the threads, that stuff won't just release with the limited amount of torque that you can apply.
When I couldn't get one of the large hex bushings to break free with a 3/4" drive breaker bar and socket, with a cheater pipe and a helper, I decided to cut the bushing out. BTW, this was after the bushing had been heated, soaked with ATF/lacquer thinner, naptha, brake fluid and maybe a couple of other solvents.
I used a saber saw with a coarse blade to cut parallel, not radial slits from the center hole (tank drain valve) outward, while being careful not to nick the threads of the tank adapter flange.
After four cuts, two parallel-opposed sections could be pried out of the hole, allowing the semi-circles to be tapped loose with a chisel.
You would be further ahead to have the leak brazed, IMO, which should last more than one lifetime, if the tank doesn't rust out elsewhere first.
Drilling and jamming something into the hole might risk causing the adapter flange to break.
Miracle cures in a tube etc, are far less likely to make a permanent repair.