kacey,
that valve on the front that feeds the two main cylinders is the flow regulator valve. All this valve does is regulate the lowering rate of the mast lift cylinder(s).

After doing some more reading in the service material all the flow priority is handled in the 'inlet' section of the main control valve. It contains the 'flow priority valve spool', main relief valve, and steering relief valve.
The flow priority valve is part of the inlet cover itself, the cartridge is under a big hex plug/cap on the front of it that you remove and the spool and springs are inside that cavity. Then of course the main pressure relief valve is the one on the top side of the inlet cover and the steering relief valve is the one on the under side.

that flow priority valve should move freely and any springs should be intact.