Not a bad idea, but I think the 504 has an internal cylinder for the 3pt/fast hitch. No limiting collar.
That gives me an idea for something else to look at, though.
The upper lift arms are the same for 3pt and fast hitch if I'm not mistaken. The difference is in the position that they're mounted. I think they're on a splined shaft and can be "clocked" to different positions for 3pt or fast hitch operation. Someone may have clocked the lift arms higher to get the fast hitch to lift higher. By doing this they limited how far down the fast hitch will go.
A fast hitch should drop almost to the ground at least that's how it was on the old 560. With the drawbar and extension plate installed, the tip of the plate would just about touch the ground with the hitch all the way down.
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