I don't think there is any chance this is a pump problem. Something is causing the control valve on top of the steering cylinder above the front axle to recycle rapidly. Maybe slack in just the wrong place in the linkage? Keep in mind, that linkage has to have slack in the right places to activate the power steering. The first thing I'd do is recenter it, while looking that whole area over carefully.
What's frustrating is I remember fixing this problem on a 4500 at least once, though I'm sure it was at least 20 years ago. I don't think it was a big deal. Don't worry, I'm better at fixing tractors I can touch, rather than those I can only read about.