If I understand you right, you are doing the return to the tank through the fill hole, where the "Christmas Tree" valve is mounted. Since the tank has been gutted it might be best to plumb the return through one of the original pressure ports so the return flow is not flooding the vent connection.
I think you should retain a vent connection.
The top mounted valves are prone to blow liquid out the vent under heavy usage. You may need to run so much fluid in the tank to accomodate the loader that the level is not low enough to avoid blowing a mist out of the vent. When you are lowering the loader you are putting the displacement of the whole volume of the piston end of the cylinders into the vent opening (a lot of flow) while the volume of the rod end of the cylinders is coming out of the suction so the level is rising by the displacement of the rods. A smaller return line to the tank only makes the flow go faster and more likely to retain air.
If you use the loader much in warm weather you might consider adding an auxiliary tank between the drain connection from the tank and the suction to the pump. You can add two gallons of storage easily by making a flat tank to mount to the side of the tractor and gain a lot of hydraulic fluid storage which helps keep the temperature down (and the pressure up). If it is mounted at the same elevation as the belly tank it can have a vent to expel air and if it has flat sides it will radiate a lot of heat which the belly tank cannot do being encapsulated within the cast housing. An auxiliary tank like this can have a few baffles to help get bubbles out of the oil and aid in cooling.
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