I have a 2010 7040 with the mechanical shuttle transmission. My tractor will make a similar noise from that valve region when it's warm (hissing/ slightly buzzing sound). I have a couple hundred hours or so on it and no problems. I believe it's just the fluid running through the system, perhaps running over a rough edge of a fitting or something.
That's a good point, I will check it out and see what it looks like
Did this have a happy ending? Is the hiss gone?
I talked to my dealer and a few other people with hydraulic shuttles and they say its normal so I'm just doing the old R&W method (run it and watch it) lol