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Id pull it off and soak it in something that won't harm the seals, but has lubrication/penetration (sounds porno) qualities like diesel fuel or transmission fluid. maybe immersed in a bucket for a few days. It wouldn't hurt it any more since you are looking at buying a new one anyways.
Without knowing if the problem just developed, or you bought the truck that way, Id Guess the torque valve is malfunctioning somehow. http://jatonkam35s.com/DeuceTechnicalManuals/MaradyneSB82805airassistinstallation.pdf