AO Smith Gas Water heater - Model: FSG 75 250, 74 Gallon. I think it's about 10 yrs old.

I found the attached analog needle gauge that is not looking good on the Cold Water intake pipe going into the water heater. Does anyone know for sure what this is? My guess is water pressure gauge? It has not yet started leaking outside the gauge nor to the floor in the basement.

My take to replace this is 1) show the pic at Lowes or Home Depot and get identical part if available. 2) Shut off the main water valve. 3) Drain the water heater tank by about 1/2 using best guess. 3) open about 3 cold water faucet in the house 3) Unscrew it out 3) Screw it back on with some teflon tape wrapped on it the barrel where is goes into the cold water intake pipe?

Do I have it right? Can you advise please? Thank you.

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