I see no reason why you cant put the return hose in a bucket and watch for fluid. Just make sure the hose dont jump out of the bucket.
A regen spool only effects one direction of motion. And what that does is pressurize BOTH the A and B ports. With pressure at both ports the cylinder can ONLY extend because of piston area difference. And when it does, it does so quickly. Regen is for faster cycle speed but lower force/tonnage. You are only having to pump in new fluid to make up the area of the rod, and not the whole cylinder bore.
If a regen valve is installed backwards, with regen function on retract instead of extend, while trying to retract the cylinder (in regen mode) it will extend instead. So no matter which direction you push the valve, it will extend. But a regen valve usually has a detent or two positions where either pushing the valve further (or not as far) is normal NON-regen mode.
The loader joystick on your kubota should be this way for curl. Push a little to dump is regen, all the way to dump is normal mode. Most aftermarket valves I have seen have regen in the second position. So as you are pushing the valve to retract the cylinder, it will start to move a little because first position is not regen, but continue pushing the lever and enter regen mode and you have a cylinder locket at full extension and trying to extend more.
but the spool you linked isnt listed as a regen valve. Typically the end of the spool where the handle is connected will have a R stamped into it, but not always. And you should have noticed this on an air test anyway.