Before I answer the question I must speak to safety. It is NOT advisable to mix NPT (tapered pipe thread) with NPSM (straight pipe threads). This can be a dangerous mismatch leaving only a few mis matched threads between your boat sinking and floating.
That being said many boaters are out there sailing and floating on mismatched threads and many boats sink due to failed bellow waterline fittings.
You can make NPT to NPS fittings not leak but you need to be careful in your tightening and be sure not to over tighten or under tighten. It is always advisable to use a proper flanged and bolted thru-hull but if you don;t have the funds or time NPT to NPS can be used.
To seal these threads do what any GOOD pipe fitter does and use both Teflon tape and pipe dope. ONLY apply the tape and dope to the male threads. Apply the tape first then brush on some pipe dope. I like Hercules Pro-Dope and the thicker YELLOW gas grade teflon tape. Both are available at Home Depot..
Please be cautious and know that mis-matching threads is not a good idea especially bellow the waterline...
Mismatched threads - NPS/NPT on left NPT/NPT on right:
