This is inferred from spotty knowledge to begin with but.. I think multi speed ptos were on lots of old Japanese small tractors because A: Japanese implements had a different 'norm' for rpm, and B: lots of tractors that size had mid pto's for mower decks, and the higher speed pto range/ranges usually coincided with the speed of that mid pto. I think ive looked at a few tractors (maybe even my own and im forgetting since i ignore the mid ptos) where if you wanted the slow PTO gear, only rear pto engaged, but if you wanted the mid/high pto gear you also got the mid pto engaged.
The original question would be a valid one on a tractor that made comfortably more power than the generator rating, but in THIS case the answer is: you would HAVE to run it in the PTO range that would let you get the engine closest to its peak power rpm.
Ie, if you have a small diesel rated at 15hp, it's probably rated to do 15hp at 2800+ rpm. If you put it in the pto high range and the only way to get down to 540 pto rpm (to maintain 60hz output on the generator) was to drop the engine to 1500rpm, you'd probably only be making 8hp at that rpm. It would severely handicap the already mismatched setup.
In a perfect world where the tractor had plenty of power 'overhead' for the generator load, my answer would be to run it at the lowest engine rpm where it will comfortably absorb the 'starting loads' on your powered circuit, because there's a good chance you'll be close enough to this tractor to have to listen to it and if you're going to have to listen to it for hours, optimize for lowest noise.
And for anyone wanting to do their own math on the hp vs kw, 1hp = 746watts, 1kw =1000watts, 1000watts = 1.34hp. So 15hp would be ~11kw.