If I take out the spool, washers, spring, and pins and reassemble will that allow the valve to flow freely allowing me to test to see if it is infact the valve causing the pressure issue.
What Coyote machine shared is all true and my additional comments should be considered in the context of his remarks.
For clarity, the o-ring you replaced was on the third function valve we're now talking about, right?
Question: was the replacement o-ring an OEM o-ring or something out of a universal kit?
O-rings are not all manufactured equally and some are good for sealing one thing, but not another, if you follow me.
If I've understood things correctly, the problem began with the replacement of the o-ring.
Therefore, my conjecture is that the o-ring you put in has swelled and is binding on the valve and keeping the spool valve from centering in the valve body.
Theory. Your system has something akin to the following hydraulic diagram.
If you can imagine looking at the image above, fluid is always flowing from the pump ( P ) to the tank ( T ) which is drawn as the elongated "U" at the very bottom of the diagram. When you hit the ( A ) button, the electromagnet pulls the spool valve over to that side allowing fluid from the pump to flow through the ( A ) of the ram. When you release the ( A ) button, the valve centers again and fluid resumes flowing from the pump back to the tank. When you hit the ( B ) button, fluid from the pump flows through the ( B ) side of the valve body to the other side of the same ram that the ( A ) side of the spool valve feeds. When you release the ( B ) button, the valve centers again and fluid from the pump flows back to the tank.
So that is how this valve works. Since you have two rams, both ( A ) and ( B ) feed either side of two rams, but the idea remains the same for both.
Now imagine your problem and imagine if the spool valve, for whatever reason could not center in the valve body?
If the spool valve cannot center into the valve body due to excessive drag from a replacement o-ring, then we may give most of the flow ( P ) to the tank ( T ) from the pump but we may also keep a little fluid flowing to one side of the ram ( either A or B ) forcing the ram to try and operate.
Follow my thinking?
Anyway, the puzzling out of your problem above is why I'm thinking the o-ring you replaced is not to spec for the spool valve and you need to replace that same o-ring with a hydraulic fluid, heat-friendly o-ring made for your valve body and spool.