There's also EZ-Turn, which is "fuelube".
http://www.aircraftspruce.com/catalo...ezturnlube.php I personally prefer it over the black Permatex gunk, at least for fuel fittings (just my opinion).
But anyway, before you replace the whole drain, have you tried replacing the
18 cent O ring?
http://www.aircraftspruce.com/catalo...ges/safair.php P/N MS29513-006. I've replaced mine before...usually just cleaning the crud out of the drain fixes any dripping (assuming the drips are coming from the drain and not the fitting threads). When the O ring dries out and cracks it causes dripping. I'd rather spend 18 cents than 9 bucks.

FWIW, I carry these O rings (among several other types) in my tool bag.
Also, in answer to your question about using a backing wrench...I don't use one on those fuel drains. Just make sure you're not applying any "vertical" to the wrench so it doesn't try to twist/buckle the fuel tank skin. And it shouldn't take all that much torque. You got the fitting in there in the first place, you can get it out and back in.