In reply to message posted by PLUMBILL:
The grout around the stem looks worse then it is to remove and install a new faucet, use a screw driver to dig and chip away at it.
Thanks for responding so quickly. Knowing that the grout can be easily removed is a help, although that’s just one part of what makes the task daunting. All the underside (which is all brass!) will have to be replaced too – from the water supply valve on up. And what are the chances I won’t be able to loosen some of those stuck-in-place-since-1959 nuts?
Well, at least now I know the grout won’t hold me back (much). Thanks.