After picking up the drain valve at FLAPS, swing by the hardware store and see if they have "Loctite PST". It's a thread sealer designed for tapered (pipe) threads like you will find on the drain valve. Seals much better than that 'teflon' stuff, although it does take more force to disassemble (much like Loctite thread locker).
The original valves were straight threads I believe, but the common NPT (1/4" I think) valves seem to fit and seal just fine.