That's pretty much how it works.
What you need are 5/2 valves, with a single solenoid and spring setup.

Originally Triac's had a bank of 3 (or more depending on spec) modular valves in the cabinet (location depended on machine spec - PC were in a separate box on the rear of the machine, Full integrated machines would of had them in the main electrical cabinet), with two 5/2 valves for controlling the toolchanger in/out and up/down, and a 3/2 valve for actuating the drawbar.


The valves on the rams themselves are flow control valves to control the speed of the ram as it moves, so they don't just slam into full travel.