I'm no expert, but i've had my share of hydraulic problems. Some things I've learned:
Small tractors have a hydraulic system on them meant to operate primarily the 3pth. While they will produce the pressure needed to operate a FEL, it will usually be slow when compared with the ones designed for that purpose.
Hydraulics work better in cool weather. I've noticed that my tractor FEL gets really slow and noticeably weaker on a hot day, especially after I've worked it hard for a while. The oil heats up, gets thinner, and less pressure is produced.
The hydraulic pump is a gear mesh type pump, for lack of better words. I've had a great deal of experience with these pumps when I was an outboard mechanic. They use similar, although much smaller pumps in the trim systems. Trim systems experience similar failures such as slow action and lack of power. It was almost always something in the valving rather than the pump. The few times it was a bad pump it was caused by water contamination; not likely in a tractor. I'm sure tractor pumps go bad and lose pressure, but I'd expect another problem.
One problem we share that I know is not right; that change in engine tone when the implements are lifted all the way. Mine does that when the 3pth is all the way up. I've adjusted my stop to keep it from topping out, but it should go into a float mode at whatever postion you set the lever at and relieve the pressure on the pump. If it doen't, something is out of whack. I suspect mine is some sticky linkage on the hitch activator since it works better when I lube it. I haven't cornered the problem yet though , so for the time being I go with the stop on the lever adjustment to keep away from full up. I can run the FEL all the way up without leaving the pump in a bind, as long as I don't hold the handle down when the loader reaches its full travel. If you have an issue with your pump being in a constant bind it would definitely heat up your oil excessively causing a loss of pressure.
Another thing I've learned about tractor hydraulics; it's hard to find someone who really understands how and why they work, let alone why they don't.
Good luck with it. I know how frustrating it can be. Other than wheel bearings, the only thing I've ever needed to fix on my tractor has been the hydraulics.
Tom