First of all you were working the tractor hard in very high ambient conditoions,(98ーF is considered hot but in may not be considered that where you are from!)) The transmission is not 100% mechanically efficient, more like 90% or less. The 10% or more loss in efficiency shows up as heat in the transmission so your drive line fluids can get plenty hot, especially when they start out at 98ーF. That's normal. Hot fluid also means the casing is hot as is anything else bathed in the fluid.
Secondly, there is probably condensed water in the fluid. When the fluid gets hot, the water vaporizes and the air in the compartment get's hot too. The hiss you hearing is probably from the vent for the rear axle/hydraulic compartment which is most likely under the seat. If you hear the hiss when the three point lift is raised and the tractor is running then it could be a stuck open relief valve in the hydraulics but if you hear the hiss with the tractor shut off then it' s most likely the hydraulic compartment vent. Make sure that vent stays clear because otherwise the pressure can build up in the compartment and blow some seals.
As far as the lift dropping, it depends how fast it drops with an appropirate load on it. If your load is rated at 1000 lbs don't expect it to hold up a 1500 lb weight. It may open the relief valve and not hold that when the tractor is running. It's normal for the three oint hich to settle when the tractor is shut down with a weight on the hitch. If it rops imeditely, you have a leak somewhere. It could be some crud in the relief valve holding it partially open or it could the piston seal on the lift cyinder. If you hear a kind of screaming noise with a load on the three point and the tractor running, that could be a partially open relief valve. A modern tractor with aproperly functioning hydraulic system might settle in anywhere from 15 minutes to 24 hrs or longer.
Obviously a 15 minute drop indicate more leakdown but it still maybe acceptable. On my TO-30 Ferguson 15 minutes is considered acceptable sealing.
Hope this helps you.