I would suggest a little more troubleshooting before replacing the valve. That water you see coming out may have been left in the pipe after your last dump.
With the valve closed and a clear adapter on your sewer pipe, have someone else dump a 5 gal bucket of water into the toilet. If you don't see anything come out of the pipe, you're good to go.
The last time I had a valve apart, I rolled one of the seals while putting it back together. That made it leak at the valve directly on to the ground, not down the pipe. If you're actually leaking through the valve, it may not be seating all the way. Might be some TP stuck in the valve seat.