Silver Steel is a great material but it is fairly soft and would not be a good thing to use for a "knock-open" valve stem unless it were correctly heat-treated. Silver Steel is also very prone to rust, and that would not make for a good seal, over time. PTFE makes a very good seal material, but its non-slip properties make it very difficult to machine to a surface finish suitable for high-pressure seals. I'm not trying to pass water on your fireworks, but it might be better to get a new valve and enjoy your new rifle with confidence.
Good luck,
Alan.