Replace the Valve. Rebuilding is not really going to work as those valves have been thru several changes over the time yours has been around and finding seals for one that old is not going to happen. Unless your setup is different than most its just 4 bolts and about 5 min. time. Far less than all the time you can spend worrying and trying to figure a way around it. Have replaced a number of them over the years. If the gray water is as old just get them both while there. Saves time as you have the tools and are down on you knees any way..