That's a starting point. I've been looking over a diagram, not certain I'm looking at the correct one, but there's a lot of gizmo's in a control valve after oil leaves the pump. Messed up o-rings on those cartridges could do some strange things, I'd pull every cartridge and fitting out of that control valve and replace all the o-rings and back up rings. I just know that most Lulls of that vintage used positive displacement pumps and various valves to control the pressure, both working pressure, pilot pressure, and stand by pressure. If anything goes haywire with those various valves, that pump is going to continue to do what it does...displace oil. If the path is blocked, and relief is faulty, boom.