Small Water Main Valve leak, need help!

Is this an old globe valve?

I am remodeling the bathroom and when i went to turn the water off and on a couple times the old main valve sprung a small leak, I'm pretty sure its coming out where the top arrow is but it could be the bottom one. I've done some research and this looks like an old globe valve. So my question is, should I just take the valve part off and repack it and get a new one or should I just replace it with a ball valve. I have posted links to pics below, just copy and paste them into your browser. Thanks.

Ball Valve

If you have the skills then definately go with a ball valve. You could repair what's there but, it looks like a fairly straight forward job.

Scott

Be for you replace it try just loosening the nut then re tightening it and it may stop.

leak

Just tighten the nut a bit. The leak should stop.

I see it that way too. Looks like there is still a lot of old packing under that nut.