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i wouldn't count on 12" tiles being asbestos free either, apparently they were still putting asbestos in some flooring until at least 1987 and it seems they shifted to the 12" format in the 70's.

obviously the only right way to do it is to replace the service which might be where you end up anyhow.

if it weren't leaking all over the place i would leave the riser out of the meter in place but since it is weeping I would do as @EBEBRATT-Ed said and very carefully break the union out of the meter and build new from there. you should support the new valves with some hangers of some sort. hold the meter well with a backup wrench when you break the meter union so you don't disturb the service.

lead pipe was fairly delicate when it was new and after 100 years it will be very brittle. it might just split down the seam if you bend or twist it much or try to cut it.

if you break the service you will either have to hope you can get a good cut on it and use a dresser coupling or wipe it in to a new fitting, both of which are pretty dicey on a 100 year old piece of lead pipe.

so what happens if the service crumbles when they try to close the curb stop? does the service get replaced?

i think i see an old meter gasket on the floor. the vinyl asbestos tile is a nice added touch.

In XXIst century O rings are often made with flimsy material. I try to grease 'em up with non silicone plumbers' grease. I pray as well.

I grew up in an italian household and married into one. Never, ever heard anybody call it gravy until about 15-20 years ago. I'll go to my grave calling it sauce. My mom was from the old west end in Boston and my mother-in-law came from italy thru Ellis island when she was 20. She talks to me in english and half way thru the conversation starts talking in italian without knowing it.