Sluggerdog,
What you need is a ball valve, Pipe Thread, 2 brass hex nuts and a couple of nylon or rubber washers. The red ones used for hot taps work quite well.
Pipe thread inside the cooler will allow you to attach whatever you want from there. Wether it be S/S braid, manifold or false bottom.
If your tap is the same size as mine the pipe thread should fit in quite comfortably without having to enlarge the hole.
Here's a pic of the tap and inside of my cooler (mine is Igloo), without the false bottom.
Warren -