Yes and No.
ALL 3PH's float. Meaning they apply NO downpressure. It is just the weight of the implement.
But what he is refering to is a float setting for his toplink. Meaning that it is allowed to extend and retract with the contours of the ground. You more than likely have a mechanical toplink. Kinda like a turnbuckle, that you screw in and out to lengthen and shorten.
So, long story short, if you push the lever all the way down, your blade IS going to float. Meaning if your front tires go into a dip, the blade will not raise up into the air. It will be allowed to drop. And vice versa. If the front tires go over a hump, this isn't going to force the blade into the ground.
The problem you are having is probabally due to their being a bunch of loose stone in the "dip", and nothing but hardpack on both sides. So if you allow the blade to "float" by pushing the lever all the way down, it wont cut/bite much on the hard pack, but once you hit the loose stone, the blade digs right in and pulls the gravel out.
Another suggestion mught be to spin the blade afound backwards. Pulling backwards will allow the blade to NOT dig so much material out of the low spot. It will give you a smoother final grade.