low point valve hole

If your low point valve has a hole in it (other than the holes that are supposed to be in it) you have no other choice but to replace it. Yes, that means you have to remove the 30 screws. Is there any chance you are mistaken in the way it operates such that you are operating it incorrectly and that is causing your problem? A 1/8-inch hole is a pretty big hole not to be there by design, especially as you say the valve is in an enclosed space. If it' an extraneous hole, the cause of the hole/damage should be readily apparent. If it was me, before I started removing 30 screws, I would check with some knowledgeable source for a second opinion; this whole thing just screams operator error to me.