I thought about the ball valve acting as a pressure release route. But, if that were the case, it seems the group would never find a point where it would work.
Sorry to post that late, but perhaps it's of a little use though ...
The ball valve pretends the water inside the group to be pressed back into the boiler before the first seal closes the inlet holes inside the cylinder - so without the valve there will be a permanent loss of shot volume and pressure at the beginning of the shot and a longer "empty" way of the lever. After the first seal of the piston has passed the inlet holes, the group will be working without the ball valve.
The adjustement screw on top of the ball lets you adjust the maximum opening of the water inlet, thus giving you an opportunity to level the inlet volume for multiple groups.
So the valve serves as one way valve as well as a flow controller and is highly recommended ...
As to the snap up of the lever: Levers are usually very depending on the grind quality - if you use a click-step grinder, 2 clicks may be the difference between running up and not running at all - especially if the coffee you are using is not freshly roasted.
If the lever snaps up the whole way regardless of the grind, chances are that the first piston seal is not fitted correctly (v shape down) in the piston. o-ring problems would also affect only the first part of the brewing process.
The 130 mm is the right spring for your group - the change to the 140 mm took place in 2001.
Best regards
Emil