The flow control valve appears to be spring loaded, and I can almost bet that the end of the screw, presses on this part to push in on the valve and regulate and close off the flow to the 3pt. The o-ring is there to seal off the fluid.
My thoughts on the 3pt valve is this. The 3pt lever controls the amount of fluid going into the 3pt cyl, and the flow control valve controls how much is allowed to flow out of the cyl.
If the flow control valve is closed, will the 3pt lever allow the 3pt to operate at all or just one time, to raise the 3pt, but not lower until the knob releases the fluid.
{ Response control. Response control (in most systems we know of) simply serves to control the rate at which hydraulic oil is allowed to escape from the lift cylinder. By slowing this rate, we minimize undesirable oscillations that would otherwise occur. Response control has no effect on rate of lift, and that is good, because we want the plow to raise quickly when we hit a hard spot. However, if we let the plow go back into the ground at an uncontrolled speed, we will end up pulling a plow that jumps into and out of the ground. We have to give the system a little time to settle down somewhere in the raise/lower cycle, and that is the function of the response control.
If lower is selected, the oil from the pump is directed, by the control valve, to the reservoir (just like neutral); however, a passage is also opened which will allow oil to escape from the lift cylinder, allowing gravity to lower the lift arms. Many of the smaller compact tractors are, in fact, just that simple in lift control. }
Any other thoughts on this?