As smokin reefer pointed out, at some point something 'big' is going to go down your tank drain. Putting a valve, and using a valve on your drain reduces the diameter of that drain. When something 'big' goes down the drain and gets caught up on the valve reducing the diameter of the drain you get a flood.
On larger diameter drians, like 2 or 4 inches, this is less of a problem. On anything less than 2 inches I wouldn't risk it, but some people do.
The idea behind using a valve is to reduce the flow down the drain so it makes less noise. While this works, it seems as if you are setting yourself up for an eventual flood - and there are other ways to reduce the noise - use a durso, raise the stand pipe intake, etc.
A gate valve is preferred because you can make more accurate adjustments with it. However, it will restrict the drain the same as a ball valve.
:mrgreen: