There may be a better way, but one idea would be to take the hoses off the cylinder, while it is sitting on something to hold it up in the air, like a concrete block for example, and put caps on the cylinder ports. Caps are pretty inexpensive if you don't alread have them, probably a couple bucks each.
Then pull the tractor forward so the backhoe comes off the block (or better use a hydraulic jack, and just remove the jack?) and watch what happens. If the leakage is within the cylinder, the hoe will still fall to the ground. If the hoe does not fall anymore, it is probably the control valve where the problem is.
If it looks like it is the control valve, maybe you could swap hoses between two sections and see if that makes a difference, after connecting the cylinder hoses back up of course.
If the rate of fall slows or stops, then you pretty much prove the control valve section is the problem. If all sections of the control valve are equally bad, nothing would change though...
Just a couple thoughts...there are probably more and better ways to troubleshoot the problem...