A Valgrind maintainer pointed out that an alternative to disabling bash's malloc is to configure bash with CPPFLAGS=-DDISABLE_MALLOC_WRAPPERS=1. This disable the debugging wrappers that confuse valgrind.
I guess it's still preferable not to do that. The obvious alternative is to ship either bash or valgrind with a suppression for this. If a maintainer would express an opinion on what a reasonable solution would be, and would like any help implementing it, I'd be happy to assist! -- http://rrt.sc3d.org