I'm just guessing too, but I wouldn't condemn the steering valve just yet. The steering pump was replaced. Was that because of this problem or because it had other problems? More details are needed. The steering wheel going around and nothing happening. That could be for more than one reason. The valve is sometimes referred to as a hand pump because it will provide dead engine steering. Problem there is it has to have oil in it to do that. Once all the oil is drained out it can go around in circles and do nothing. Then are you sure the valve is actually turning? There is a shaft connecting the steering wheel to the valve and probably a splined connection where that shaft meets the valve. A possible problem there?
Does the engine run? That would help a great deal in locating the problem.