In the process of replacing an exterior hose bibb, I came to realize that the person who installed the previous hose bibb had knocked about a 9in diameter hole in the exterior gypsum sheathing to install a new drop ear for the water line and just rebricked it without repairing the hole.

This is a 1970s house so my repair expectations are relative to the original building products, but I would like to repair the hole with something up to modern standards especially given this at a plumbing penetration.

The two issues I am running into are:
1. What would be a suitable sheathing material to use?
2. How do I seal it to the 50-year-old gypsum board?

I’ve considered something like Zip sheathing and Zip Tape, but I wasn’t sure about the tape’s adhesion compatibility with the gypsum’s facer. From a material cost standpoint, it’s about $80 in material (1 sheet + 1 roll of tape) to repair a relatively small hole.

Any suggestions on a preferred way to approach something like this?