There should be a 3/8" allen head pipe plug in the top of the hydraulic pump. Remove that, then crank the engine with the shutoff pulled out or the coil wire removed... when you get clear oil coming out reinstall the plug. Should be good to go at that point. If it still doesn't work then you may have problems with the unloading valve or the flow control valve... or blown O-rings somewhere under the lift cover... but given it only started when you changed the oil, it's most likely just air locked.
Also... the flow control does control the speed of lift, not drop. Drop is unrestricted on those things other than what control you are afforded by the lift lever.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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