The valve you speak of is actually a needle valve, not a ball valve. It is a very precise instrument and can be clogged or damaged from abuse. Based on your description of the valve NOT showing close to atmospheric pressure when open there are two possible reasons for this:
(1) You have installed or reassembled the purge valve incorrectly. I have never seen anyone do this before, but it is possible something is blocking the opening in the pump outlet to the purge valve (debris of some kind or the gold seal has been moved out of position and is now sealing the opening).
(2) The PTFE frit is clogged with debris. As 'WK' mentioned, the PTFE frits are pre-filter which are designed to be replaced every month or so as they collect all of the large particular matter from your solvents (that gets through) and the normal bits of pump seal material that make their way through the system. The frits job is to stop these materials from making their way to your A/S and column and they do a great job. A normal frit will appear snow white in color, but may have a few fleks of black (pump seal debris). These are a standard maintenance parts and should be replaced often as they protect your entire system (We teach our clients to do this every month. The frits are very inexpensive and you should wash the valve out each time as well before placing the new frit back in). The frit is held inside the valve through the use of a plastic cap and gold seal gasket. The gold seal should last the lifetime of the system. The plastic cap can sometimes be damaged by someone tighening the valve too much or not seating it correctly on the valve. Otherwise, it too should last the lifetime of the instrument.
Bottom line is that you have an obstruction in the purge flow path. I would remove the purge valve; inspect/clean out the inside of the pump head where the purge valve screws into; remove the plastic cap, gold seal and PTFE frit from the valve; open the valve; hold it inside of a ~600 ml beaker; using a wash bottle filled with solvent (e.g. MeOH) spray liquid into the valve's solvent outlet (to the column) opening until you see it shoot out the bottom of the valve (needle portion). It will also come out the purge opening as well (normal). This will clean and wash the valve. If resistance is encountered, then you may have damaged the valve in which case replacement is suggested. Always use new PTFE frits and have plenty on hand for regular maintenance each month.