Don't see anything unusal there, but you can't really see the inner wear pads of the tip section. Be sure and keep those chain sheaves greased, I've seen contractors neglect those things and the bearings go down. Looks like the telescope cyl just has a simple internal pilot operated holding valve. No real way to test it for causing a problem telescoping in, short of replacement, and I'd say that thing is a little spendy. You might get it a little cheaper if you can identify it, like if it's a Sun, Deltrol, or Hydraforce cartridge valve, and purchase it from a dealer of these brand valves. Can you see any markings or stampings on the valve?