Hi Been a while since I worked on a 500 like that. I don't think there is a hitch transport lock on them It was definitely on the later ones like 820 and newer. on the steering column on the left side you got the engine throttle/ stop control. the lever on the right is the raise/ gravity lower and position/draft control for the 3 point depending how the unit under the seat is set.
on the right side you have 4 levers. 2 should control the spool valves thats the inside 2 by the dash, then the outside one is the up down and float position for the 3 point arms. it kinda over rides the lever on the steering column when that one is in neutral. this lever is the one that provides the double acting ram the power down function to the rear arms, and also raises the arms, if that power down works with blocks under the arms you can pick the rear end of the tractor up. I have seen guys mangle equipment doing this in fields!!!!!. Using this lever over rides the draft and position control block under the seat which is connected to the steering mounted lever. The 3rd lever is the hyd traction booster control. If my memory is correct push that one right forward and click it back one maybe 2 notches and leave it.
For the system to work properly you need all the spool/hitch levers you aren't using in Neutral position as the sections in the spools are not all independent. If ones not in neutral and you try using another none of them will work properly. The pump disengagement unit is the lever that pokes out the bottom of the main hydraulic oil tank, just where that fuel line runs into the filter in your picture. it has a sliding collar on the handle and 2 slots for it to lock into for engaged and disengaged The up position i think should be engaged usually most guys I know never touch it. If you move that lever it will grind trying to get it back in gear with the engine running
Hopefully all you did was raise the arms on the steering lever and when you moved the lever to go down the weight of the arms is not enough to make them drop. With that steering column lever and the other 2 spool levers in neutral. try moving lever 4 forward and back and see what happens then with the arms. the flow valve in the control spool block could be stuck, maybe the oils low in the main tank. there is a dipstick/ and filler plug in the top of the oil tank, left hand side under the flap in the rear of the hood. does it try to make any sounds when moving the 3 levers on the main control spools as that gives an idea on any pressure in the system also These tractors are a pain to explain to a guy thats never had one, the book can be interesting reading depending if it's translated from russian or an American edition but without it life can get pretty difficult trying to help a guy online L.O.L.
The guy I used to work on a 500 for has been dead 5 years and the tractor left the area, so thats why I'm rusty on it. I work on early 90's and newer now for guys that are slightly different tractors. we also run a 5270 here on our farm. If you are still stuck pictures are worth a 1000 words but get back and we can see what we can do. Regards Robert
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