Needing a inline bleeder valve

If you don't mind buying two 1/4 to 1/8 NPT adapters, you might want to try searching ebay for 1/4 inch NPT bleed valve (handles 6,000 psi)

https://www.ebay.com/itm/Stainless-Steel-Bleed-Valve-1-4-NPT-Inline-SCBA-Paintball-Scuba-A-B1110/162943819671?hash=item25f0355f97:g:dLkAAOSwv0tVCvQH:rk:6:pf:0

From a design perspective, my sense is that the engineering problems to make a bleed valve only 1/8 inch would be cost prohibitive and probably fraught with safety and reliability issues.

Happy hunting, Michael