RickB,
You are correct. In the Operator's Manual, I found a paragraph labeled, "Single/Double Acting Switching." It doesn't go into detail on how it works, but it says in order to switch control valves to: -Single Acting, loosen the screw 1, near the control valve lever pivot, until it stops. That seems like a convenient feature!
As far as the comment on using too much fluid to raise it making the reservoir low, i'm not sure how to tell if that would be the case. This is a 6500 lb tractor that is good size and the dump body is nothing huge, just a 10ft off a 1 ton truck. I think the guy said it was 2 stage telescopic. I suppose I could raise it up and check the fluid level, even if I had to have the level just a bit high when the dump is in the down position.