I would question the original owner about any thru hull assembly replacement over the past 22 years. It is commonly known that Beneteau built boats of that vintage with fittings that were not a high grade alloy. My understanding is that Beneteau warranted the fittings for 5 years. On my 2006, I have replaced all thru hull fittings, valves, & tailpieces with Groco bronze fittings with BSPP threads. Also, inspect the shaft seal cooling water nipple; they are prone to internal corrosion and breaking off resulting in onboard flooding. If the Volvo shaft seal hasn’t been replaced, now would be a good opportunity. It should be inspected & lubricated annually; replaced at 5 to 10 years. I presume that the 3 way valve that you are referring to is the “Y”valve under the lavoratory cabinet. It is used to divert waste directly overboard or into the holding tank. As
@Davidasailor26 mentioned, because of your location, the valve should be physically “locked” into the holding tank position. If you are boarded by local or national law enforcement officials, you could receive hefty fines for non-compliance. Good luck with your new boat. I spent 40 - 50 nonconsecutive charter days on the 331; nice boat! And, welcome to the forum. Lots of good info here and in the archives.