Tom:
I just went through this with my L16. The biggest question is where is it leaking? Inlet to outlet (fuel won't completely shut off) or out of the valve body around the valve stem?
Mine exhibited a bit of both...
First read this:
http://johnpropst.yolasite.com/resources/fuel%20shutoff%20valves%20overhaul%20rev7.pdf
Good stuff...
As for the leak, inlet to outlet, fuel not shutting off, what I discovered was the little pin that goes through the valve stem that interfaces with the "C" washer was worn and the valve was actually turning past "Off" and coming back "On". A new pin will fix that. (see the photos in John Probst article.)
If the valve internal cone is worn or rusty, a bit of lapping could help. Be careful as too much will destroy the valve.
As for the leak around the valve stem, mine is an early valve like shown in the Probst article which uses a spring loaded double cone seal as shown on the last page of the article. John Probst labels it as a graphite seal. Mine was stuck in the portion of the valve that unscrews (the valve bonnet), held in place by some sort of very fine mud.. The mud is probably from decades and decades of fuel sediment. With a little TLC, some spray carburetor cleaner and an overnight soak in penetrating oil, the seal was convinced to come out of the bonnet without damage. From all appearances the seal was fine and still flexible, it just couldn't move due to the mud packed around it so the spring pressure wasn't compensating for any wear.
Apparently the later valves use "O" rings which are easy to replace.
With it all cleaned up and a bit of the fuel lube (careful with this stuff, too much can cause problems) the valve seems to work fine and not leak.
Good luck
Jeff, L16a and a K.