Btolle,
As to a "float" in the dumping position, my BX has that also. Once you go past the detent pushing toward 3 o'clock position (I like that clock visual for discussing this, Kudos to Junkman), it puts the bucket into float and dumps faster which is also useful while moving snow as I can dump quicker.
I also have the 4 way valve, so I cannot tell you if it is just a function of that or something they all have but figured I would throw it out as others may have it and not be aware.