Hi Derek,
I have read your post with glee and would seriously love to be in the position you have found yourself.
Primary mission, work with what you got. The plant is incredibly usable, building products, super highly nutritious animal feed, rope, clothing materials, medicine, high in omega 3, the uses are nearly limitless. these alone are good enough reason to not just hack them down, cannabis seeds can hibernate for 7years so you could have a lot of hacking down over the next few years.
What i personnally would do is this. Get some animals grazing in the hemp. This will slow down the seed germination and will eventually (over many years) get rid of it. At the same time giving you an instant free food source. I would also get a bio deisel conversion unit(research and make yourself), weed has high amounts of ethanol compared to other plants. This aspect will at least pay for your own fuel and depending how much you do you could have some to sell on.
One other thing i wanted to say is at the very least weed is a nitrogen fixing plant, so it deposits nice amounts of fertliser directly into your soil. You lucky boy....
Whatever you plant there after weed has been growing for a few years will rocket.....!
Happy days....
