Petcock Problems

I was in the process of cleaning the fuel tank when I discovered an issue with the fuel petcock.
The fuel petcock stem had a crack down the length of it. Not sure if I will replace this as it still functions. However, I have lost the ability to have a reserve, so I will have no warning if I am running low on fuel. I will look into my options, but I am guessing that I will just try and repair it.

See the picture below to see what I mean.