Actually if it is diesel fuel then it is a RACOR 500FE...not FG....FG is the gasoline version....the integrity of the t handle o-ring cannot be overstated in diesel applications. If the t handle o-ring doesn't form a good seal air can get sucked into the entire system leading to engine shut off...then you would have to bleed all the air out in order to re-start your engine.
No, the 500FG is the current model and suitable for diesel. Have a look at the label on the unit pictured here: www.racorstore.com/racor-500fg30-fg-fuel-filter-water-separator.html
Came across this advice... "Don't shutoff the fuel intake to avoid getting air in the lines and allow for easier flow. Get a glass jar and place it under the bottom drain and open the valve. Water and muck will come out first and when you see clear fuel starting to come out shut the valve. Just clean up any spilage and you are done.Jun 9, 2010"