Sounds like this is what you have (pic). Cheap enough to replace or go for the plastic tank w/manual vent.
http://minneapolis.craigslist.org/ram/boa/1856761060.html
If it works I'd keep it, I really like those old tanks. Reccomendation though if you do go plastic. Spend the extra for the Moeller, or quicksilver tank. Much better quality than attwood and will actually hold the 6 gal as advertised. And it is thicker , darker plastics that won't sun rot like the thin attwoods.
yeah that is exactly the one that I have but I don't think anything is wrong with mine, I was just asking about the proper operation of it. I am new to boats and just redid the carb, impeller and points, I found a new hobby and it allows me to fish in places I couldn't reach in the past