It's been a while, so I will say something, though I know nothing about your actual model.
You said it's slow...that is a flow problem. You said you can stop it with your bare hands. That is a pressure problem. You said it will stay up, but will it stay up if you stand on the lift arms? Also, will it go up at the same slow speed even if you are lifting the loader at the same time.
My tractor is a different model, a
BX2200, so I know nothing about yours since I don't have the service manual. But if my loader is working properly, and my lift performed as yours, my problem would have to be one of the following;
1)Lift cylinder problem, seal most likely.
2)Lift valve problem, such as worn spool, or linkage issue.
There is little else on my tractor that could effect my lift (if the loader is working properly.)
Sorry I can't be more helpful. If you could post a scan of the hydraulic diagram from a service manual, many a smart fellow on this site would jump all over it.