Hard to say...
What exactly is it that you think is a y-valve...where is it located? 'Cuz if it's on the toilet pump, Paul is right...it's not a y-valve, it's the dry/flush lever. The toilet SHOULD pump out in either position...but out of the water, it can't prime with flush water. Try turning it to the other position.As for rebuilding the toilet, if the head is a model HC or HE, you'd have to buy the upgrade kit to an HF, which is almost the price of a new toilet. Even if it's an HF, a rebuild kit costs about half the price of comparable new...so unless the previous owner(s) have recently rebuilt it (I'd give 10-1 it's never been rebuilt), on a 10+ year old boat I'd just replace the darn thing. However--all marine toilets are NOT created equal...like everthing else, there are low-end, medium, and high-end models. So that advice only applies to heads that are $150 or less in the WM etc catalogs! If your toilet is a model K or EB, it's very expensive manual toilet--over $500 list price. In that case, I'd definitely rebuild--even if the rebuild kit is almost the price of a new low-end toilet. And while the boat's out of the water for the winter, it would be a good time for you to read the articles in the Reference Library in the Head Mistress forum. It's an even better time to read all the equipment manuals that came with your boat--or get them from each equipment mfr if you don't have them. It's only kind of important to know the difference between the dry/flush valve and a y-valve in your plumbing...but it can be VERY important to know what the parts are and what they do in other equipment on your boat.