A bypass plunger includes a plunger body that includes a head portion located at one end of the plunger body and a tail portion located at an opposite end of the plunger body. The head portion includes at least one flow port, and the tail portion includes at least one passageway. A valve component is disposed within an internal bore of the plunger body and is movable between an open position and a closed position. At least one plug is located within a respective one of the flow ports and/or a respective one of the passageways, and is configured to reduce or prevent flow through the respective flow port or the respective passageway.