If you like making yourself work then yes, otherwise I'd be inclined to change the washer in the existing whilst the system is empty and leave it in situ. It also removes the risk of the pipework falling through the floor and/or the difficulty in joining onto what's left after the Tee is removed.
Thanks I'm putting a new valve on this one. I can put a normal lock shield and hopefully the pipe will be ok when I remove the olive to take a new olive
Depends - One allows the rad to be drained with or without the system being drained, the one on the pipe is a drain for the whole system, typically fitted to a rad near a door.
Not all drain off are the same, it may fit, it may not, you can only try. Usually though, as suggested, it's the little rubber seal that the issue but they can be a bugger to get out if they get stuck inside the valve and you don't have a pick.
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