Sure sounds like those u-joints might be worn excessively. Now, reading your signature line, you have two PTO powered implements: the Salsco wood
chipper and the Puma snow blower. Do both make the noises you describe when lowered? And, do both decrease the noise when raised? I am assuming each implement has it's own PTO drive shaft, BTW. From what I've read (on TBN and several other web sites), the angle between the U-Joint affixed to the tractor and the shaft itself should not exceed 15 degrees. More than that can result in premature wear which would result in a pretty noisy u-joint. However, that wouldn't necessarily cause the shear pin breakage...at least, I wouldn't think so... Here's a few links that might help you:
How to check U-Joints | How a Car Works Driveshaft U-Joints Diagnosis and Repair at YouFixCars.com https://www.youtube.com/watch?v=OVC76dSBNnY Constant Velocity PTOs Good luck and do remember a rotating pto shaft will kill you...so don't work around the PTO unless the tractor's engine is off and you have the key in YOUR pocket! Good luck!