I was hoping so, I believe the compressor is OK just leaking at the fitting.No, to the contrary, it should be super-easy to find a replacement O-ring for the inside of the threaded fitting that attaches to the valve stem.
I will probably go the hardware store tomorrow and look for the correct size "O" ring. or do what you suggest. but the O-ring I took out was really in there so good I had to damage it to get it out.