Okay, after checking my manual, here is what I have to report. The only adjustment on the PTO hydraulic valve is its relief pressure. On a TC40D/DA tractor, that relief pressure is set to 260 psi. This pressure has nothing to do with the PTO releasing because the valve only applies pressure when the PTO is engaged. When the PTO lever is moved to off, only lubrication flow goes to to the clutch and the brake engages to stop the PTO. Now, if your valve is not rotating to the fully off position, you could be leaking pressurized fluid past the valve into the clutch just enough to hold it engaged. This is a dangerous situation if it is happening because reduced pressure will allow the PTO clutch to wear out if there is a load on it like a rotary cutter. Just turning the PTO stub with nothing attached probably won't cause wear, but it's not a good situation.
If you want to see the PTO hydraulic valve and gain access to the port for pressure testing. You first have to remove the complete seat assembly. Below the seat slide base, there should be a square cutout in the blue platform. I say "should" because some of the later tractors seem to have eliminated that cutout. Below the cutout you'll see the drop rate knob shaft and below that the PTO valve and shaft coming in from the lever. You might want to remove the rollpin from the lever and manually rotate the valve to on/off to make sure it is fully rotating with the lever. Sometimes the lever can be bent and not fully rotate to off even though it has moved to the back of the slot to the off position.