Dcflyn,
My first M20C had a Curtis valve replacement. I bought that airplane in 1992. Since I was new to Mooneys at the time, I never thought anything of it and figured that all of them were like that. My POH had been modified to note that the drain was now manipulated outside the airplane rather than inside. There was no 337 associated. I was not an IA at the time, but I never had a problem with my annuals being signed off. I guarantee that airplane is still flying with the same Curtis valve and without a 337.
As for modification, it is really a tough call from an IA viewpoint. On one hand, the valve is simply a drain that is actuated by hand and uses a spring to return the valve to a closed position - exactly the same description as the Curtis valve. The Curtis valve, in fact, is preferable because it allows the use of a sampler cup to see sediment or water in the catch sample. As such, that would not constitute a major alteration, it would be a minor alteration, which would not required a 337, as long as the part had some form of approval such as MIL-SPEC.
But on the other hand, one FAA checklist I have from my FSDO notes "Changes to or relocation of exterior fuel vents, fuel drains, or battery vents. (Applicable to components not attached to the basic engine.)" as requiring an "evaluation" to determine if the Field Approval process would even apply. I have known some inspectors who would agree that you are not changing the design of the system, only parts, and therefore it is a minor alteration. And there are others who would freak out and accuse you of single-handedly trying to bring down general aviation.
Bottom line? I would try for a field approval based upon lack of availability of original parts, to increase safety in order to be able to use a sample cup to observe the drained fuel, and show how other aircraft manufacturers use the exact same setup. (I believe the Piper Arrow does, I am positive the Piper Aztec does.)
If not that, then I would consider finding an old-school A&P, give him the Curtis valve as an owner supplied part, and ask him to replace the existing drain valve with the Curtis and do a logbook entry.
Good Luck,
Andy