Okay, so the hydraulic cylinders on the hitch just assist the one under the top cover under the seat. Again, only hydraulic power up. You cannot lift the tractor by lowering the hitch.
The position control sets the position of the 3pt. The hitch will move to a position when you move the lever.
Draft control senses the draft or load on the hitch. If you move the lever all the way down, there is no effect or it is basically off. As you move the lever through the range, it increases the draft sensitivity.
When you have a box blade on the tractor, you set the position to where you want the blade. Then, you increase the draft until it just starts to lose the load of dirt in the box. You then drop it slightly or decrease the draft sensitivity so that it maintains roughly the same amount of dirt in the box to help fill.
Draft control essentially does the job that you do increasing and decreasing the position of the blade to maintain a certain amount of dirt in the box.
The joystick for the loader (should have one) is the loader valve I am referring to. Push the lever forward to lower the loader, then push a little further forward to put into float. It should click in and stay there.