Yes, there is a position for "off"... check the manual. I use it regularly now to check the condition of the first few rounds of a new load, since my rifle will normally eject forward of the line.I don't think there is a really secure way to rotate the gas valve and not be worried about it blowing off after a shot or two. There isn't a position for "off".
Most subsonic loads won't cycle the action, that'd be the way I'd go if it was an issue.
The valve doesn't have a super-strong seal (little bit of play in its spot in the gas block) and even in the off position, I believe a tiny bit of gas gets around the plug and to the piston... The carrier will retract a millimeter or two with a hot load.