Big coincidence. I'm trying to do the same thing as this thread and I bought a gas side keg adapter (for reference, it's a 5/8"-14 thread, took me ages to work that out before I was sure enough to buy the selzter and parts as I'm not a brewer).
I took my lock ring off when my ball arrived lock valve arrived this evening. After using a wide screwdriver anticlockwise with a spanner for torque, there is a plastic gasket underneath that slips off. To remove the pointy valve underneath I had to make a tool. Imagine the sort of tool you use to remove angle grinder discs but 2mm pins. I tried using a circlips tool but it started to bend.
I've put it back together now with the part still in situ and didn't take photos but to remove the valve you need to use two, 2mm circular bars at 10mm spacing and have a way to keep them aligned and apply torque to unscrew the valve anticlockwise. I had some 16mm aluminium rod which I cut, sanded the ends, marked a centre line, punched starting holes on the line to have the holes each 5mm from the centre of the rod, then drilled them using a drill press. I also drilled a central hole 4.5mm wide deep enough for the valve, but then realised 16mm is slightly too big to enter the valve but it worked anyway by inserting two 2mm drill bits in each hole blunt end first and then turned it using molegrips. I didn't really know the function of the valve at that point so I just put it back together.
I'm very keen to get this working but it's raining hard and my cylinder is in the shed do no more experiments for me tonight! Will be interested to know how you get on if you remove the valve, I haven't worked out how to bypass it yet, it may be a matter of just taking out the valve and then screwing down the lock ring but it might not reach deep enough, I'm not sure. There is a second plastic gasket with a hole in the middle, the sides of which cover the little metal hole visible on the outside of the outer 5/8" thread.