I am nowhere near a computer and also don't have your flow, pipe or valve sizes to do the math. However, it is possible that the restriction in the valve (resulting pressure drop) is causing cavitation as the water exits the valve. This would manifest as loud noise and bubbles at the pipe exit.
You may also be drawing air on someplace along the pipe, or even along the valve stem. The valve stem seat may work well under pressure, but leak under suction.
I would do a few things here.
1 - drill holes in the discharge pipe at, or just above the water line. This will allow the trapped air to escape and relieve pressure in the lower half of the pipe. This will allow the siphon to purge faster and may significantly reduce the entrained air.
2 - try moving the valve closer to the sump/discharge. If possible I would also remove the valve temporarily and try various restrictions or placing the valve at the end of the pipe to see the results. This will help rule in or rule out cavitation.
3 - try a smaller pipe for the siphon. The velocity will be higher, but the valve restriction will be less. If (as mentioned in item 2, you can't MOVE the valve, then try the next smaller pipe size from the valve to the sump. Again, this is counter intuitive, as the velocity will be higher, but the pressure drop between the valve and the rest of the discharge will be lower.
"Pipe Dope" or "Pipe joint compound" - Just to clarify the advice from others. only use pure PTFE based products, don't use anything else, as most have various oils and hardeners in them and/or can even have powdered metals in them.
Rectorseal 2 is fine. It does have fibers in it to help prevent it from washing away. Use this in the threaded pipe joints.