I run either a Woods 72 or a Kuhn 72 on our 1920.
Ground is either sandy loam or heavy black swamp muck, depending on the field.
2-300 rpm drop is normal when the tiller bites.
For what we do, running the PTO @ 540 and keeping forward travel good and slow for aeration, and busting up bits of organic matter into a fine and fluffy layer. Bogging happens down around 1500rpm in the clay/Marl around a couple ponds, and you WILL know "Bogging", when you hear it and feel the little Ford complaining.
Running the thing at 540 under a light to moderate load, doesn't wear the mill any more, than running it at a lower RPM.
Those nice Engineer folks at Shibura, optimized the torque curve, lubrication, cooling, and everything else for running at that speed under a load.
Some will argue that due to reduced lubrication and coolant flow, longer time with rings under pressure, and less flywheel effect, operating under a moderate load at lower rpms, MIGHT actually cause increased wear. I dunno. I ain't an engineer, and have heard from a couple slide rule types, that such things have been addressed on modern tractors, especially Deere, considering thier "E" PTO settings.
Tillers with gears get sufficient lube at any speed, if the gear oil isn't worn into watery consistency. Tine shaft gear, gets dunked and carries it to the idle gear, and then to the drive gear. Flinging 90-120 takes some doing, the stuff is tenacious, and it ain't happening at the speed the gears are spinning.
Set the thing for 540, and pick a gear that allows the Tiller to remain at a constant depth. If it's rising out of the cut or leaving clods, drop a gear.
If she wants to crawl while nibbling, let it crawl.