The key thing to remember when installing a valve in a cooler is that the seal needs to be on the INSIDE only. Don't bother with a rubber washer/o-ring/gasket on the outside, you have to get it right on the inside. If it's leaking past the inner seal, it's getting inside the outer layer of the MLT, and over time that will get really nasty in there.
In fact, sealing the outside actually hurts you; if the inside seal is leaking, and the outside seal holds, you won't have any idea that the inside seal leaks because the outside seal will hold it in. At the very least, if you only seal the inside, and that seal fails, eventually you should see some liquid seep out through the opening on the outside, which would be your indication that it's (unfortunately) time to buy a new cooler.