Push down for 540. Pull up for the other speed, not sure if it's 720 or 1000 - I never used it. But when you have a mower on, you'll know right away if you've selected the wrong PTO speed. If the higher speed is inadvertently selected, the sound coming from behind you will more resemble a helicopter than a mower.
The PTO is temporarily disengaged when the lever is being moved between 540 and 720/1000. Whereas it technically not a neutral position, I used it as such. So when I wasn't using a PTO implement, I parked that lever in the middle. Engaging the PTO then was a simple matter of fully depressing the clutch pedal then pushing down on the lever. On a properly adjusted clutch, by the time your foot's halfway through the upward pedal travel - the PTO is fully engaged.
//greg//