That serial number definitely has closed center hydraulics. There are still several possibilities. First, try starting the tractor and leave it run at 1200 to 1500 rpm for maybe 10 - 15 minutes without touching steering wheel or any hydraulic functions. Then feel the steering valve/column, three point hitch housing and rear scv valve housing for heat. The three point housing would heat up on right front corner, under your right leg as you sit in the seat. Any item that is warm or hot to the touch has an internal high pressure leak that is robbing the hydraulic system of oil. If nothing heats up, then you have a problem on the low pressure side of the system - transmission pump worn, filter relief valve stuck open, broken or cracked internal oil lines, or leak in pto clutch or brake. On these tractors, the transmission pump supplies lube oil to transmission, pressure oil to pto clutch and hi-lo if equipped, and all the left over oil supplies main hydraulic pump with oil for steering, three point and scv operation.