Right... Toss the reducer, elbow, and pipe and replace with a single Groco 3/4" elbow with 3/4" nipple.
Problem solved...Here is a pic of updated Ball Valve installation completed today with a 3/4" 90 Elbow.
WM excellent service with 2-day delivery.
Thank you to all who responded to my question here and for all your great comments and advice.
You all reminded me that there are several different levels of completing any boat repair and/ or update from "poor/ dangerous" to "excellent/ super safe".
As sailboat owners repair decisions are often made from a mix of personal choices according to safety, expense, availability, complexity, skill level, health, sailing location, boat age and more.
For my personal situation a "good/ safe enough" installation is fine and I can sleep at night.
Thank you especially to "heritage" who as far as I know is the only forum reader out of 800 views to notice the strange and incorrect original seacock set-up on my sailboat and bring it to my attention. I now feel that I have a safer, simpler and more efficient seacock set-up and better engine cooling system due to "heritage" who took the time to analyze and help my particular situation.
Thank you, thank you...I really appreciate your time and expertise.
I am pleased and learned a lot from everyone's comments.
To me, this Forum thread is a fine example of how helpful and informative SailboatOwners.com can be.
I am grateful to you all.