That same Safety Valve is NOT there to protect your tank from RUST. And it won't work at all if its bad, and you have never checked it.
Now, if the tank is rusting from the inside, because you have never drained it, or don't drain it enough, you could have a problem.
Again, every Safety Relief valve has a rating, as does your tank. BOTH are stamped somewhere on them.
Usually a big 4"X4" stamping on your compressors tank, and it will say the MAWP of the tank, and at what temp. High temps lower bursting pressure. You see, your compressor tank is a pressure vessel, and this stamping is the rating.
Your Relief Valve should never have a higher relief pressure than your tank. I hope you can imagine why!
Sure they can be changed, they are usually 1/4" pipe threads, unless larger. Adjustable versions are not allowed by inspectors....but hey whoes inspecting yours???? Hope you don't think thats enough reason to install one....