Eric, not sure what hp tractor that is but most of the time when your lift drifts down it is the o-ring torn on the piston in the hydraulic tank. As for the PTO spinning, most of them do free spin but you should be able to stop it with your hand if PTO is set up correctly. Give us a call at 662-252-5272 and maybe we can help you out.
Phillip Gooch
Circle G Tractor Sales, Inc.
http://www.circlegtractorparts.com