Same problem - Just repaired it
I recently had exactly the same problem, and had tried the same corrective measures.When I got the valve off, I discovered the problem was the ocean side of the interior ball had corroded and pitted so much there was no way the ball was able to rotate. No amount of lubricate would have convinced it to turn.I simply unscrewed the valve and replaced it. The thru-hull appeared fine, so I kept it. I pounded on its exterior surface with a hammer which only slightly dinged the surface. That was good enough for me.Also, I have replaced this valve while the boat was still in the water. It's so close to the water line that there's little water pressure against the opening, so I was easily able to stop the flow with my hand over the open pipe. To make it even less messy of a task, I tapped a wooden plug into the outside opening until I had the new valve down tight.I had to take the old valve to the marine store to match it up with the replacement, so I had a friend stay on-board just in case.One other hint with replacing this valve, whether in or out of the water. It's a heck of a lot easier to completely remove the sink facing board. Trying to get a pipe wrench on that sucker in tight quarters is just plain miserable. It's well worth the effort of removing and replacing this door/facing.