Greg, I want to stress 1 more point before I quit on this one. The 540rpm "standard" was probably a gentleman's agreement between implement manufacturers and tractor manufacturers so the implements could be rotated within a usable RPM range. I don't think a lot of engineering went into determining 540 RPM. It's not even addressed in any manual I've ever read. It's just a given, like lefty-loosy righty-tighty.
One more point and I promise I'll shut up. Equipment... engines, transmissions, gear boxes, etc. can be run 2 basic ways: To finish the job as fast as possible, or to cause the least wear and tear on the equipment. They are not 1 and the same! As RPM increases, wear and heat increase 2x to 4x more in proportion. Every 100rpm on the PTO probably doubles the heat and quadruples the wear on mower's a gear box. Reducing RPM is guaranteed to increase gear box and transmission life. I worked for years in failure analysis, and believe me, running higher RPM will always decrease component life.
When in doubt, I follow the Mfr's recommendations. When the Mfr's recommendations are missing or ill-explained, I rely on my own experience and "feel", for which there is no substitute.