They don't have perfect seals, but should take more than a couple minutes to drop.
Chances are the seal rings and cylinder are galled and leaking. You can look in through the inspection covers for fluid leaking down from the cylinder. It can also be blown orings on the standpipe.
Changing the piston and cylinder requires lifting the top cover. Best have a shop manual before attempting this. The cover is heavy, the control linkage extends all the way down to the pump controls and is delicate, easily damaged. You will need some means to do a controlled lift and know which bolts to remove.
Chances are the draft link boot will need replacing, be a good time to do that if you go in.
Unless you need the lift, be easier to just chain it up when not in use.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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