Graygoat, I think you're on the right track. There should be a block bolted or threaded directly on the bottom of the cylinder that contains the check ball. However, I think there may be a problem, like a broken spring or a stuck shuttle causing the problem.
I ran into a similar problem with a forklift once. It would go up but down very slowly. Took the block off and replaced it, worked fine.
Dealer said it was a safety device that monitored flow rate. Going down through the restriction of the valves and plumbing kept the safety valve open, but if a hose blew allowing too much volume too fast would close the valve and slow the fall.
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