I believe the ball and spring the others are referring to is called the "Regulator & Safety Valve Block." On my 460 it's located directly under the Tel-A-Depth control valve (far left hydraulic control valve under steering column). I've never had that problem on my 460, but have read in various threads here that those regulators can get all gummed up inside, thus causing issues with the fast hitch not operating correctly. CAUTION: when pulling the cover-The spring can easily shoot the steel ball valve out and be lost forever, or cause eye or other injuries. If you don't have an I & T Shop Service Manual you really need to get one. It lays out the procedure to safely remove the cap.
Another issue you could be having is what I am dealing with currently. There is a set of three differential type gears (about dime size each) located inside of the Tel-A-Depth control valve. The teeth on those gears can break off, like mine did, which will cause the valve spool not to run in and out properly effecting fluid flow. This is easy to inspect. You just need to remove the two cover bolts and the gears are right in front of you. You may want to put something under the valve to catch the fluid that will flow out when the cover is removed. I've discovered from research and talking to my salvage suppliers that these gears were a weak part and the whole 460-560 & 660 line of Farmalls had problems with them breaking.
I removed the seat & pedestal to better access the control valves. This gave me MUCH more room to work freely and things were way easier to see and get to.
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