Thanks for the all the comments and suggestions.
Got up early this morning, soaked the valve in rust remover for 4 hours, a couple taps with a rubber mallet, into the vise and it finally began to turn. Wasn't easy but it freed up.
What a mess inside. The spring was frozen in black muck. Surprisingly the critical surfaces aren't too bad and looks like it will be ok. Inside the adjuster, where the spring sits, is ugly and will need some work with a dremel and small wire wheel.