I want to thank everyone for their input on this. Tx Jim--you were right, the top had to come off.
After over a month of dealing with other matters here on the farm, was finally able to get back to it. Ordered a Rockshaft Seal Kit, new piston rings, new gasket for the top, and new washers for the Rate of Drop valve. Took the top off and went at it, changing out all O rings, washers, and piston seal, etc. Learned how to remove the valves and found what I believe was the culprit--a small piece of wire or a shaving from a steel washer that was trapped inside one of the valves. This would make sense considering the weird behavior of the hydraulics and the spraying of oil everywhere inside the Rockshaft when the lever was in the down position--the valve couldn't close! I was pleased that the piston showed very little scoring. Anyway, got it back together and it seems to work just fine so far--very reliable. Wish I done the new seal kit when I had the top off a few years ago.
This 1st image is of my jerry-rigged valve compressor--a short piece of 1/2" copper pipe around the valve stem allowing to gently compress with a c-clamp to access the snap ring.
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Accessing the snap ring.
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The valves removed, showing the replaced parts beside (the new ones were part of the Rockshaft seal kit). Note a small piece of wire near bottom right--that was up in the valve seat preventing the valve from closing.
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Anyway--thanks for your help. Cheers!