John, you mentioned being able to hear fluid flowing when you turned the tractor off with the 3ph in the air. Is there any way you might be able to tell if that sound is coming from your lift cylinder or the control valve on the right side of the lift cylinder? If it sounds like the control valve, I have some suggestions for checks you might make, but only if you understand that it is very hard for me to do this by just guessing on TBN. I can make suggestions, but you'll have to be the chief investigator.
Your main hydralic pump sends flow to the 3PH control valve located on the right side of your lift cylinder. This is an open center valve and fluid leaves here and goes to your power steering so that you only have one hydraulic pump that supplies both your 3PH and power steering.
Inside your 3PH control valve, there is a system pressure relief valve that controls the maximum pressure of your hydraulics. This is the valve that regulates the overall hydraulic pressure. Also inside your 3PH control valve, there is a safety pressure relief valve. This is a valve that is set way above your 700 lb lift capacity of your 3PH. For example, if you were to pull a 1200 lb load off a ramp and try to hang it on your 3PH in the air, this valve would lift and protect your 3PH cylinder from bursting. The final valve is a checkvalve that holds the load on your 3PH while the lift lever is in motion and may also be what holds the fluid when your 3PH lever returns to center. I think there is a possibility that this check valve or the safety valve is leaking.
I've attached two diagrams with highlights. The first shows the overall system piping and the red circle shows the 3PH valve and cylinder. The control valve has a red arrow pointing at it. In the second diagram, This is an exploded view of your 3PH control valve. Item 8 is the system pressure relief valve. Item 3 is the safety valve, and Item 2 is the check valve. I would check item 2 and 3 to be sure they are not leaking. I think a problem with item 8 is not likely because you don't have a problem lifting weight, only maintaining it. If item 8 was bad, you'd not have enough lift power for your 3ph and the power steering would be weak.