Hi,
OK, so I use an ag tractor (Case 4230) but I also can change PTO speed from 540 to 1000 simply by flicking a switch. Luckily the same shaft is used for both speeds which is a big help.
I use 1000rpm 99% of the time with my 8' finish mower as generally you do not need much torque for this type of application due to the shorter grass. The only thing you need to watch is that you don't allow the engine to lug down as this is not a good thing.
I don't have a big margin of error as when I'm running the PTO at 540rpm on the 1000rpm setting the engine is turning over at a sedately 1150rpm.
Luckily my dashboard is all digital and it displays the PTO shaft rpm so I can monitor it very accurately, which is good as there is not a lot of difference between 540rpm and overloading the mower gearbox (max 600rpm).
At first I checked with my dealer that it was OK to use the 1000rpm gear in this way and they confirmed that it was common practise when a lot of torque was not required (i.e finish mower work).
I would not use this method for tougher work such as bush hogging in taller/tough stuff.