Marlin,
His blade lifts......if it lifts, then he has lift pressure. Once the hyd valve under the dash is closed, the hydro has nothing to do with the cylinder holding the blade up.....that is 100% on the cylinder seals and the valve.....not the hydro. One of two things are happening, cylinder seal is leaking, OR valve is leaking. Assuming the lift valve lever is allowing the valve to close 100%, then it is the valve or the cylinder. ( original poster, Check, the lever linkage....)!
Another thought, IIRC the control valve has a load check, if it is malfunctioning, it could be part of the issue.