Yes, 1/4" hose is just fine. That's what I have on my top link. It is still really fast. If you push the valve and the hose can't take the flow, it will bypass anyways just like when you reach the end of the stroke of the cylinder.
I'm assuming that you have or will be getting a 2" dia cylinder?
1/4" hose by itself will not slow the cylinder. An .030 orifice flow restrictor works perfect
I recommend 2, one for each end of the cylinder.