The few ball valves I've used, from Home Cheapo, did not seem to have any "packing" adjustment. I used three on my hydraulic steering system, for example, when I had to remove the hydraulic pump. I figured I'd just shut them off if I ever had to remove the pump again and avoid any dribbles and air in the steering lines.
If a suction line is leaking as you describe, I presume when the engine is off, it's likely to admit a small amount of air with the engine running so replacing it IS the best idea.
At some point I checked online and found more expensive ball valves with high pressure ratings, maybe for hydraulic lines, but never had a use for the "high priced brand".