Depending on it orientation to the sun your prevailing winds your zone ect. your mileage may very. If the slope is north facing it will receive less light. South facing it will receive more light. if it is east facing it will be cooler and wetter. If it is west facing drier and warmer If the slope currently has vegetated growth grass or what not. stripping it of the growth will help the ground erode out. So be prepared to replace vegetation before you dig into it.
So I recommend researching swales (an earthwork) some concepts of keyline, terraces and the like. So you can utilize the space without destroying the slope.
Regardless your talking about an area you don't visit often but don't want to waste the space. Think of perennials planting out some blackberry, raspberry, blueberry (depending on your soil pH) , maybe an asparagus patch. With some edible shrubs (hazel nut), or dwarf trees, if you have the space standard fruit trees. This way you wont feel the space is lost but you wont be visiting this site all the time so it makes it a great place for plants that can take care of themselves for most of the year.
Good luck feel free to add information, and tell us where you're heading with your slope.