Single point drain distribution housing leaking

[Last Dollar]

I have a Mercruiser 5.0 with the single point drain system for draining the engine. Last season I constantly noticed water in the bilge after each outing. Since I trailer this boat I suspected a leak somewhere in the cooling system. It was not bad so I did not address it immediately. Now while preparing for Summer, I noticed antifreeze in the bilge. Since I always pour antifreeze into the block from the thermostat I was certain of a leak in the plumbing. Further examination after adding more antifreeze revealed a fast drip from the water distribution housing 3 inch orange hose. I read on other forums about the issue with the water distribution housing cracking. I pulled it off and see no visable signs of a crack. However it was much easier to see how the long handle and rod shuts off the water flow and looks like to me this grommet is just worn out or not sealing properly which allows a seepage. Since there is a blue plastic plug right next to the orange hose, what is the purpose of the elaborate rod coming all the way down from the top of the engine?? Is this just marketing hype to use during the sales pitch? A salesman could say "you don't even have to bend over to drain the system, just open the blue handle on top of the engine."
Now this water distribution housing and internal seal is sold together. You cannot buy just the seal. The housing is $200.

Has anyone come up with a fix for this?? I would like to seal the orange tube and just drain the system using the blue threaded wing nut right beside it. I can still bend over. Actually I would rather bend over to winterize rather than bend over at the Mercruiser parts counter while forking out $200 for a plastic part that very well may break or have the seal wear out. Anyone's thoughts or experiences would be appreciated.