In large part, the nature of "faithless" depends on the pantheon rather than the laws of the Planes. In Toril, the Faithless go to the Gray Waste (assuming one still attaches the Planescape cosmology to Toril), where I believe they were used as bricks for the wall surrounding the City of the Dead under Myrkul's and Cyric's reigns. I am not certain what the ultimate fate for the faithless is under Kelemvor, but I believe it is not the wall anymore.
For Earth, and three of its most prominent religions, Baator is the most likely place "faithless" go. Baator is a rather unabashed clone of Dante's Inferno in many respects (and Celestia his Paradiso -- neither of these are exact copies but there's a clear parallel), so it serves to stand that nonbelievers would go to Baator in death. It's a little more difficult to qualify on Earth than Toril, however. On Toril, at least, everyone's deities do exist and everyone knows it, and when you die, you go to your god's realm, regardless of alignment, as long as you do not blaspheme your god. On Earth, there is no such universally accepted truth, so the above is based on an assumption that Judeo-Christian mythology is correct. If Hindu mythology or Hellenistic mythology or any number of other beliefs is the correct one, then that mythology would dictate what happens to faithless souls.
Simply put, it is very possible for a god to capture faithless souls and torment them in the afterlife. However, I do not believe that the gods can simply take any petitioner souls they wish. I would say it is largely dependent on the individual mortal's beliefs and the beliefs of those around him. An experienced planar need not worship or even believe in a deity to go to Elysium when he passes on. He only needs to be a good person. The worship is irrelevant. On the other hand, a prime from Toril that dies without faith would have ended up in Myrkul's or Cyric's wall. So, Phlotus could indeed claim souls for his own, but only if they were on the relevant Prime or involved with his pantheon somehow.
The place of atheism and monotheism in Planescape has inspired quite a few threads over the years, to the extent that the subjects are now, I believe, dead threads. However, if you search the site for "atheism" and "monotheism" or "atheist" and "monotheist" you should find several threads that might spark ideas for your setting along these lines.