On my CK25, I have one set of remotes installed by the dealer for use with a backhoe. It stays in the down position when pushed there, but springs back to neutral from the up position when released. I use the down position for my backhoe. It stays down as long as I'm operating the backhoe. I always return to neutral when otherwise.
The up position simply reverses the flow. You can use the up/down controls for a hydraulic toplink, hydraulic lift, or any other implement that requires reversing the flow. In such uses where eventually the hydraulics reach a dead head, I think the lever should never be left down, but rather always returned to neutral to prevent overheating of the pump. You'll hear the pump whine when it reaches dead head.