While the float function may be causing grief, it would be an inability to push down, but I don't think it would cause an uncontrollable free fall.
The reason I asked about the rupture valves. If the logic valve inside the block "hangs up" you have to apply more down force to unlock the spool, when this happens, you've already got a lot of force trying to push down along with gravity. I first experienced this on an EC700. Talk about scary.
My suggestion, remove and inspect both valves, they're very simple. Check for any debris, packing material etc. Here's where it gets fun. When you resecure the valves to the base of the boom cylinders, only tighten the screws in a crisscross pattern enough to not leak. Do not tighten like you would instinctively want to. Try it out gently, tighten them up a little more. If there is any difference in torque or clamping force, it will bind that spool.
Please give this a try, it costs nothing but time and maybe a couple o-rings.
Good luck