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yes a valve on the bottom would allow you to drain it - the 1/2" tap is usually close to one end. The tank should be pitched so that is the low side. Usually you can achieve that with adjusting how much the tank legs are screwed in. At our old house I had 2 tanks twinned together for our heating...

I know I'm late to the party on this interesting thread (also haven't posted on the forum in years) but I would like to throw a comment in about your oil tank setup. You are correct that by dropping a line in from one of the 2" bungs using a double tapped bushing will allow you to keep your oil...