Most guys will tell you not to run it on the trailer at all, but there are mixed opinions. I think all will agree that if you do run it on the trailer you better be sure to have water running through it.
The ball valve is for adjusting the volume of engine cooling water that flows from the jet to the engine. Opinions vary, but in general you want it opened about 1/4 - 1/2 turn, enough to keep the water temp at about 180* at idle, and about *160 at cruising. You can search the forums and get lots of informed opinions on the specifics. Things are also done differently depending on whether you are running headers or a log exhaust.
Welcome and congrats on your new jet!!