If the cylinder seals are leaking, or the stand pipe orings are blown, it will be slow and weak, but will also rapidly drop with the engine off.
You can open the side covers and look in with a flashlight. Put a heavy implement on, tell it to lift.
Some leakage from the cylinder is acceptable, but should not be streaming oil. The stand pipe should not leak at all. If the lower seal is blown you will see oil boiling up from below.
A bypassing relief valve will cause weak lifting. If there has been a history of water in the gear cases (very common on those) the spring may be rusted and the seat pitted.
With the load lifted, shut off the engine, look for oil boiling up from the side of the pump where the relief valve is located while the load is coming down.
Just be very careful, look but don't touch! Never reach in with it running!!!
If the lift is slow and jerky, there is a pump problem.
The pump is rebuildable, but easier to replace. The repair parts don't always fit, and you are dealing with some precision fits. Unless you have access to the necessary machining equipment to make adjustments, a rebuilt will save much frustration!
There have been many changes to the pump and lift cylinder. Shop carefully, be sure you are ordering the correct parts. Best to open it up and take measurements and compare parts than to depend on serial numbers.
The top cover is heavy! A lift is much better than trying to manhandle it. The control linkage comes all the way down from the cover to the pump. It is fragile and complex, don't want to damage it! The bolt pattern is confusing, some come out, some stay in. Leave the wrong one in, and... Well, it gets real ugly, and expensive!
There is a boot on the draft control plunger. If the cover is off, now would be a good time to replace the boot. Not an easy job but a necessity. Without it water will get inside the case.
A shop manual in hand is a near must before taking on this job. It will more than pay for itself in mistakes not made.
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Today's Featured Article - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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