pool shutoff valve replacement

I bought an Aqua Leisure 18'x4' soft-sided pool last week from Sam's Warehouse. The pool is set up and holding 5,600 gallons of water. One of the shutoff valves is leaking from inside the housing and dripping out through the handle area. The valve housing screws onto a second piece that goes through the wall into the pool and has a plastic strainer on the inside pool wall. The manufacturer is supposed to send me a replacement but the representative had no instructions on how to replace it without having water gushing out all over the place.
My thoughts are that since only the valve portion seems to be bad I don't have to replace the entire assembly that extends into the pool but to just unscrew the outside portion and attach the replacement valve in its place. How to stop the water is the main issue. Would a plastic bag put over the inside opening hold the water long enough for me to replace the valve or perhaps unscrewing the strainer and stuffing a rag into the hole be better?
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It would be nice not to have to drain the pool, but I bet that is exactly what your going to do.
You could try and use some plastic rap on the inside of the pool to slow it down.
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There are ways to do these types of things without losing much water.
A couple years ago I had to replace a pressure switch in our spa. It was located on the main water line right as it passed under the main control circuit board (a $400 part to replace, if it got wet/ruined). The spa tech told me it would have to be drained. Instead, we covered the entire circuit board with plastic wrap, I had LOML standing by as I slowly unscrewed the old switch. Once the switch was removed, she played "little dutch boy" and plugged the hole as I prepped the new switch. We only lost a few squirts of water, and the circuit board stayed high and dry.
Like the other reply mentioned, I'd try to come up with some plastic or rubber that you can plug the hole from the inside of the pool. Done properly, the water pressure will hold it on and you won't lose much water. Worst case, you end up draining the pool, so there's nothing to lose, really...
-Tim
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