Advice on leaking radiator bleed valve

[Msw1980]

Hi, I woke up this morning to a damp patch under the radiator bleed valve, it looks like the seal is damaged as the water is coming out from the edges at the bottom. My concern is there seems to be a lot of rust at the which may have made the leak worse. It's mainly just the paint that's flaked off but I wasn't sure if I needed to do more than just the valve being replaced and some PFTE tape, any advice would be appreciated, photo attached

 

[WC1]

Replace the valve, no ptfe, valve comes with rubber o ring which makes the seal.
Have you tried nipping it up?