You are going to need a set of ME taps and dies simply because most steam fittings are ME series – if steam is to be your thing. They are 55deg whit form, same as 26 TPI brass is.
This is a stuffing gland which just needs to squeeze a bit of ptfe or hemp or some such. 5/16 x32 ME would be fine.
If I might disagree with Rob, I have a set of x26 taps and dies and have NEVER used them. I’ve use ME a lot. However there is a point, which is that, technically if a boiler to a signed off drawing calls for a particular thread such as x26tpi, then really you are obliged to use it, or declare such to the boiler inspector, and he may or may not accept your choice of alternative. In other words the onus is on you to show that the non-conformity is acceptable.
Still, that rigour only applies to “sealed” drawings, and anywhere else on a model you can do as you wish. Nowadays for general purpose use metric is probably best, (though there are applications where space and scale appearance may dictate otherwise.)
Sort of half agreeing with him, my set of ME taps and dies came from T&T! Not brilliant in steel, but OK in brass, and actually brass and gunmetal is where they see most use. So I’m moderately happy there. Their other stuff like reamers and gear cutters have all been fine.