Mine was corroded to the point the brass bolt broke off at the head. I'm trying to get the large plug out and replace both but that's turning out to be a chore as well.
I am not sure? I will measure mine again and double check what size it is. When you look up air compressor tank drain valves they are all 1/4 inch or 3/8 inch. I bought the 1/4 inch and it fit my tank. If you look you may be able to find some 1/2 drain valves on Amazon too but they are not as common.
I just measured mine and I had the same issue as you did. I looked it up and it says that the 1/4'' NPT actual size is 0.54. So that is the reason our measurement are different. If you have questions about the different sizes you can google "NPT sizes" to get a conversion chart so that you will know what size you actually need. It is called the "National Standard Taper Pipe Threads Size NPT Chart"
I thought I was going to have to take the whole thing out with a wrench on the big nut. But I got lucky and was able to unscrew drain valve. You can try to unscrew the big nut just make sure you let all of the air out first to release as much pressure as you can.