What live pump do you have on your M? There are at least two different ones.
There's the M&W pump which will fit on any era M with no modification. It's only like 3.5GPM, and was meant to operate power steering, not a loader.
There's the IH pump which is a 12GPM. Depending on the size of the cylinders on the loader, it will be pretty slow. The M would need to have been made after 1950, or have the front plate on the engine replaced with one off a >1950 M or Super M in order for an IH live pump to fit.
Odds are the pump is shot if it's taking that long for it to generate pressure.
If you're going for a PTO pump, don't dink around. 20-25GPM. That'll make the loader go up and down, but remember that it stops every time you push the clutch to stop or shift.
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