With the TPH fully raised and the ROD valve closed, the TPH maintains its height. With the TPH fully raise and the ROD open, the TPH drops from full height to ground in 4-6 seconds where it would normally maintain it's height when the tractor is turned off.
So, combining comments from J_J and TX Jim, I'd need to look at the seals in the control valve or rockshaft piston/control valve area. Sound about right? Looks like this might be delayed until I get the factory service manual in. There is no external hydraulic leak, so any busted seals must be internal to the system. I'll start looking for parts on the diagrams that could be the culprit.
Thanks for the inputs so far.
Ed