If it were just the disc drifting down I would suspect the cylinder on the disc, but since the baler is losing pressure as well, it is most likely the valve under the seat on the tractor.
Try the other remote if the tractor has two. It may not be as worn and will hold. At least you can get the job done and push back the teardown until there isn't so much work to do.
With the teardown, I find putting the valves back together without them leaking profusely to be a frustrating task. The only people able to put them back together so they don't leak are old school IH mechanics, which are hard to find these days as most are retired in their 70's.
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Today's Featured Article - Talk of the Town: Winterizin Engines - To Drain or Not to Drain? - by Staff. Another great discussion from the Tractor Talk Discussion Forum. The discussion started out with the following post: "Winter is fast approaching..for a gas tractor should the gas tank be drained and run the engine til the carb is dry or do the gas stabilizer products I've heard of work? (tractor will not be used til spring) any other tips for winterizing?? "
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