This is what I did today:
1) Drained the oil and pulled the pre-filter. The filter was partially clogged with, can you believe it, leaves, pine needles, and some chucks of blue atv sealant. Overall, I would say the filter may have reduced flows by about 30%. I cleaned and replaced the filter.
2) Removed the pressure control valve (Priority valve?) located rear of the filter bowl. When I took the valve apart I noticed a couple interesting things, the plunger thingy inside the piston was jammed sidways and there were five washers instead of two....bingo, the problem! Or at least I thought so at the time. Let me explain, the plunger thingy resides inside the piston that slides inside the housing of the pressure control valve. Behind it is the washers, which I assume someone before me placed there as shims, followed by a spring. I assume that this valve is open when the pressure from the closed-center pump is high (i.e. about 2200 psi) and closed when the pressure is low. When open, flow is directed to the brakes, the power steering, the loader, and the 3-point hitch and when closed, the flow is directed only to the brakes and the power steering. Against my better judgment I replaced the pressure control valve on the tractor with the plunger thingy and washers back in place.
3) Next I refilled the tractor with hydraulic oil (the oil is a hygaurd variety that is correct for this application), crossed my fingers, and fired up the tractor hoping that everything would return to normal (or at least to pre-problem condition). However, it wasn't ment to be. The dang thing is still not working. The loader and the 3-point hitch don't work and the power steering just barely works.
4) Thinking the CC pump is shot I disconnected the pump shaft from the front of the engine and rotated it by hand to see how "it felt". It rotated freely but with some resistance as the pump stroked.
I still don't know if the OC pump, the CC pump, or both are broken.
So now my next plan is to get a new pressure control valve (internals only), disconnect and cap off the hydraulic line going to the power steering pump to make sure that it isn't the problem causing a loss in pressure, and get my hands on a pressure meter so I can check the status of the two pumps. Let me know if this is the correct approach.