Pretty sure OP is asking about the tire valve stem, not intake and exhaust valves. Re: dill cap is the correct cap. Chris, I have no idea if 2 1/8 is correct, but sounds about right. Most valve stems just come in two lengths and two diameters. We always referred to them as skinny/short, skinny/long, fat/short, or fat/long. The ralley wheel with the trim ring would require skinny/long. The short ones fit and work, but just barely, as the tire inflator usually hits the trim ring while trying to inflate.
Hope that helps. I think I have an original wheel at the shop that probably has the original stem in it. It had an original 1969 assy line spare mounted on it when I got it, and the spare had only been on the ground once or twice. Still had some evidence of the little "tits" on it. I can measure tonight when I go by.