Mike
There are three different methods of water ballasting
The first is as Trevor describes where the tanks are free flooding with an open vent pipe, this isn't strictly ballasting as the model is effectively subject to a controlled sinking and the water level in the tanks changes if the model rolls or pitches in the water but providing the vent pipe is well above the water line the system can be very effective.
The second is as you postulated where the free flooding system has a sealable vent which, when closed uses external air pressure to maintain the water level in the ballast tanks, there are plenty of domestic plumbing fittings that can be used to create the pipework and sealable vent for this system.
The third is to pump fill the ballast tanks after the model is launched (and pump empty before recovery) this is my favoured system as I can use clean tap water as ballast as opposed to lake water. I take a few containers of tap water with me and fill the tanks from these and after use the ballast tanks can either be pumped empty into the lake of back into the containers.
I hope this helps answer you question but if you need any further details on the plumbing materials required to construct the sealable vent system please ask.
Paul
Edited By Paul T on 24/09/2013 07:16:59