Thanks to skdvr who provided me multiple tips in the last couple of days. I installed my valve tonight. I liked skdvr's idea to put a patch kit on first, but I didn't have one. This is something I may go back and do.
I could not find a hollow punch in any of our local stores, so I used a soldering iron. I did not use any type of sealent, just the rubber gaskets. I won't have a chance to test the valve for leaks until this weekend. Here's how I installed mine.
I used rubber washers I found at Lowe's.
I started by opening the velcro at the top of the suit so I could reach the outside of the neoprene. I put on the Fusion and marked the spot on the trilaminate where I wanted the valve.
I left my leg in my suit and folded a piece of cardboard over several times and put it under the trilaminate to protect my leg.
I was worried that I might make the hole too big. While at Lowe's I found a plastic hardware gauge that I taped over the spot I wanted the hole.
I then used the soldering iron to cut the hole using the gauge as my guide. The nipple on the valve was 5/8" and the hole in the plastic gauge was only 1/2", so after the initial hole was cut I ran the soldering iron around the inside of the hole to enlarge it a little at a time until it was the right size.
I cut a larger hole inside the rubber washer so it was large enough to fit over the nipple.
I put the rubber gasket on the nipple, then put it through the hole from the inside of the suit.
I trimmed another rubber gasket and put it over the top, so the trilaminate is sandwiched between 2 gaskets.
Next I put the outer portion of the valve on, reattached the Fusion shell, and pulled my suit all the way up to find the valve under the shell.
I marked the shell on top of the valve with a crayon, cut a small hole in the shell, and pulled it over the valve.
The last step was screwing the external cap on.