I would use a ball valve, not a gate valve, and tape it's handle with some pretty bright tape if it doesn't already have a bright rubber handle so you can tell instantly from 10 feet or so away if it's open or closed. No need for intermediate settings, all you need is wide open and fully closed!

But yeah, use a small piece of hose from the drain plug to the valve, then another hose from the valve to reach out the transom plug. I WOULD secure all this so it don't flop around all the time you're out there running it. Most ball valves have threaded bosses you can use to make a stringer mount for it, and I'd also add a fitting to the end of the hose I could put a cap on when not draining it JIC the valve decides it't time to leak.
Ray