The old Freeman 2000 trip bucket loader we used to have on the farm was power-up, gravity-down. It worked great on the old Super M that only had one-way hydraulics.
Your problem is that your 544 has TWO-way hydraulics. Instead of just letting the oil flow back into the tractor, it is trying to apply pressure to a disconnected coupler.
It sounds like your valve is leaking internally, so that when you try to force it down, the oil sprays across and actually goes out the "UP" hose. Normally it would trip the relief valve, but if your valve leaks internally...
If you are using the factory hydraulic remote beside the seat, try moving the lever to the "float" position to lower the loader. Only problem with this is you won't have much control over how quickly the loader drops.
A trick you might want to use is to connect the unused hydraulic coupler to a hose that dumps straight back into the tractor's hydraulic reservoir. Then "DOWN" will work properly because the oil has some place to go.
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Today's Featured Article - Oil Bath Air Filters - by Chris Pratt. Some of us grew up thinking that an air filter was a paper thing that allowed air to pass while trapping dirt particles of a particles of a certain size. What a surprise to open up your first old tractor's air filter case and find a can that appears to be filled with the scrap metal swept from around a machine shop metal lathe. To top that off, you have a cup with oil in it ("why would you want to lubricate your carburetor?"). On closer examination (and some reading in a AC D-14 service manual), I found out that this is a pretty ingenious method of cleaning the air in the tractor's intake tract.
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