If have to relocate that petcock, you could buy a weld in bung, but silver solder it. Then locate and carefully drill another weld in to fit. Again solder it. Solder would generate less heat, less damage to your paint, and the liner might actually survive to the point that it would seal the soldered bung, obviating a weld/paint job.
There are numerous very low profile types if you have to cap that original location.