The trap most probably is stuck closed, but probably still seep-drains or you would have water spitting out of the vent and the radiator wouldn't heat well.
The maximum potential volume is dictated by the size of the radiator and how high the vent is located on the radiator, but a shallow pan under the connection to the radiator (or the top cap, if that's easier) would allow you to start & stop the flow of any fluids with the wrench. My best guess is that it's mostly dry, but with a long-since dysfunctional steam trap that isn't guaranteed. Be sure radiator is below scalding temps and have something ready to mop up with when you crack it open. It's not under significant pressure- if it contains much water it'll dribble rather than spray.
Plugging the illegitimate vent will probably cause a somewhat higher system pressure and may affect burner cycling or how well it heats the other radiators during the experiment, just to be aware.
Most 2-pipe steam systems can be converted into pumped-water hydronic systems without ripping the house apart, which may be worth doing in the long term, assuming you plan to live there for awhile. Whether it would be able to keep up with the design-day temperatures at the lower output of hot water vs. steam could be determined with a bit of analysis of the total radiation size. An upper bound for how much heat you really need to get out of the radiators can be determined from fuel use per heating degree-day data. With the heat load numbers and the radiator size numbers the maximum water temp needed can be estimated. Steam systems are often 3-5x oversized for the actual heating loads, and have enough radiator to deliver the heat at much lower temperatures than 215F steam. It's a much bigger project than just swapping out the stuck traps & vents, and may or may not be "worth it", but lower, steadier radiator temps are definitely more comfortable. If your radiators have been painted a bright white, glittery silvery or glittery golden color (as almost all surviving steam system radiators are) that was usually done to REDUCE the rate of heat coming off the radiator, primarily for comfort reasons!