you are looking at a 3 spool valve, not 3 way
3 way spool is used for single acting cylindes, powr up and gravity down.
3 spool or 3 section means 3 separate valves in one cast or sectional block.
Yes, float is a 4th position, typically for loaders where you have up, neutral (A&B blocked to hold the cylinder in position), then down, and then a 4th position past down where A & B are connected to tank. The boom can float and follow the ground just pushing oil back and forth from A to B as the cylinder moves.
I'd avoid it but you could use on a woodlift, in the down direction. You just don't want to have a scenario where you move the lever past the metering position into a sudden drop.
kcj