On my 453 with the D722 you barely see it on the back side of the engine. It's near the middle of the block and has a small barbed fitting pointing down. If there's no tubing attached slip a piece of 1/4" tubing on the fitting long enough to go around and out the rear door before opening the valve.
Thanks for your great info , I located the same valve type on my machine , but the tap handle is gone likely was snapped off by last owner , I was able to remove a gallon of coolant out with my wet dry shop vac and able to refresh the coolant Mike