Jason,
The air ride bags should deflate when you activate the jacks to level the coach (that is probably the air hissing sound you hear) and inflate when you go back to travel mode and lift the jacks. The earliest owners manual we have in CA is a 96 Monterey manual. Pg 42 covers leveling with jacks and states that one should run the engine for about 5 minutes to allow the bags to re-inflate prior to raising the jacks. Next time you level, have someone get out first and see if the coach settles when the air releases.
Steve