Neil. A rotary valve from . say, a French horn would do nicely. The tolerances are very tight, and there is no resistance to the turning motion at all. Some VERY SLIGHT leakage across the valve face would have little or no effect I would have thought. A competent engineer could make a rotary valve out of ally/brass surely??
Looking at the Ruthven drawing it seems the pump rotor is horizontal, so water would be admitted from an inlet in the keel almost I suppose. Are your pumps horizontal or vertical?? A hole at the keel would likely only let in water and not too much air.
Side outlets would allow great manoeuvrability at low speeds, ideal for a lifeboat.
Ashley