If you install the ball valve on the outlet, then when it is closed it will just force all the water to go through the waste line output, so it would be running 24/7.
I would but the ball valve on the inlet (you need to in order to change a filter). If you want you could put a ball valve on the outlet, but you would need to buy an auto shutoff valve thingy that shuts off the waste output when you have the output valve closed. But i am not sure that this is necessary for what you are describing.
Regards,
David