I bought a Valk with a rusty tank a few years ago. It must have set for a while in a humid environment with an empty tank. I cleaned it well and rattled drywall screws around to get all the rust out, then washed it out again. Then I used Caswell Plating's tank seal epoxy. It has been fine ever since.
I needed to use extra long pipe cleaners to keep the vent hose clear of the epoxy.
It's a two part system that will set up fairly quickly, depending on the temperature of the room. If you remove the pipe cleaner (I used long ones they use for crafts and had to splice two together) just before the epoxy sets up it will seal the vent hose but not clog it.
I think the cost was about 50 bucks
http://www.caswellplating.com/aids/epoxygas.htm