I think the best way to tell for sure is to put a pressue gauge on the system. I did this on my tractor hydraulics by inserting a T fitting in the inlet line at the loader control and permanently attaching a $15 pressure gauge. When I did, I discovered that my tractor hydraulics were running a good bit below spec, and lead me to adjust the relief value to jack up the pressure to spec setting. It made a nice improvement in loader performance.
I keep meaning to do the same for my BH (same setup as your's except it Kubota, not Woods), but other things keep jumping ahead of it in the queue......
The woods manual should tell you what the relief pressure should be. It's probably around 2000 PSI, but I don't know for sure.
If you do this, and discover the pressure is low (you will have to operate the BH to some extreme like curling the bucket to it's stops to build up pressure and activate the relief valve), then find the relief valve adjuster and try cranking it up. If that works, you are good to go. If you can't increase the pressue that way, then either the valve is defective or the pump is worn and can't generate the required pressure.
Good luck and let us know how you make out.