First confirm it is sucking in air. You can try the shaving cream trick and see if it gets sucked in when the system is running. If you do have a leak there, you can try several things such as maybe drilling the head off and then remove the top of valve and them use vise grips to remove screw. You can also try and seal the leak with some pool putty. Of course the best would probably be to replace the valve. I bit more work but at least you know it's foxed.
I'm assuming you mean the threads in the plastic body are stripped? You could try going up a size on the screw. That may involve some careful drilling. Or purchase a C-clamp and squeeze it shut with that. It'll look hokey, though.
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