Pressing # should give you PSTN dial tone directly. If it does, try dialling a number - use the full number as no digit maps are used this way.
When dialling the normal way from the phone without pressing # first, while the call is still ongoing, have a look in the OBi expert pages at Status > Call Status. It should show what digits you dialled from the phone and what digits were sent out to line.
When no call is ongoing, what does Status > PHONE & LINE Status > Line Port Status > TipRingVoltage show? It should be around 45v.
By the way, that first burst of ringing tone is generated by the OBi itself under default settings as some sort of "reassurance" while it is setting up a PSTN call, so it's not coming from Verizon.