Since I went with a different anode I simplified the drain design a bit. I used a 1/4 ball valve ($7), 1.5" brass NPT extension ($4) and a plastic 1/4NPT to 3/8 barbed fitting ($1) with some 3/8 ID plastic hose ($5) as a drain line. So all in I was around $16 for parts to make the drain line.
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