Teflon tape is a good idea. I'll have to give that a shot sometime.
What I've been doing is using a rubber band. I wrap it a couple of times around the base, then twist once, put the collar through at an angle, and it pretty much holds it all together as long as nothing is cocked at an angle. The bad part is the rubber band deteriorates over time and I have to replace it every 3-6 months typically. I just wait for the gurgling noises to know when it's time.
