You never know what modifications previous owners have made to your trailer over the last 50 years, so I will provide general guidance. If you post a picture of your outlet, then it may be obvious to a seasoned eye where the handle should be.
If you can see the orifice that you would connect your waste hose to (but you can't see the valve assembly), then assume that the valve body is immediately above that. The valve is a "gate valve," meaning that you pull on a rod that is connected to a sliding door (gate) that opens up the path for the liquid to pour out. So, for instance, if your orifice is looking straight down, and is centered in the middle of the rear of the trailer (and you can't see the valve assembly itself), then the handle you would pull on is probably above the level of the belly skin, maybe concealed behind the rear bumper, or in a bumper trunk, if you have one.
good luck!
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