Since we don't know how your control valve works it is possible. A couple of questions on the failure.
1) When lifting the plow do you here any change in noise from the hydraulic pump especially once the plow is fully lifted? If yes then you are potentially still building pressure.
The pump runs off the crank shaft and I can't hear it over engine noise.
2) Does the failure happen after you lower the plow and then try to raise again? (I suspect yes since since how would you raise it again)
My son and I rode up/down on the lift before attaching the plow. We didn't continue to hold the lift in the up position with out weight. Both times we have attached a plow, raised it, moved the jeep, then lowered the plow, the pump failed (wouldn't lift the plow again).
3) Could the problem be when lowering the plow you get a sudden rush of oil back to tank and the reservoir vent isn't large enough or partially plugged. This causes pressure to build up in the reservoir and blows the shaft seal. Long shot since I would expect the reservoir to burst before the shat seal failure.
The system isn't vented. The only possible way to add a vent to the reservoir is to put a pipe extension on the fill opening. In this drawing
http://farmjeep.com/img/newgren_instructions/diagram4.jpg you can see the reservoir as it sets under the jeep bed. The filler pipe is accessible at the back of the jeep.
Internet diagnostics is sure a guessing game..