Several possibilities:
Valve was assembled incorrectly, look in the shop manual for correct procedure and correct part placement (I would reseal all the components anyway....20 year old seals = trouble). The thing most folks do wrong (that can cause the symptom you describe) is not tightening the adaptor plug enough, when done right the gap between the plug flange and the sleeve should be about 1/16". Again, look at the shop manual procedure and the last sentence will make more sense.
Check hose connections, this is how they should be: on the pump the SMALL connection goes to the SMALL connection on the valve, and consequently the pump LARGE to valve LARGE. Production hoses professionally made can't be connected wrong but if the hoses are homemade they could have been made wrong.