Mike,
I was just in our local TSC yesterday and saw a pto slip clutch. It is designed to go right on the pto of the tractor, and then the pto shaft to the phd would go on it. As was posted by another, the torque at which the clutch slips is adjusted by tightening nuts that compress springs to engage the clutch. As I think about this, it sounds like a great solution - not too expensive, and will save you the time of changing those shear bolts.
It was kind of large in diameter, so you may have to remove any pto shield. Also, it does position the pto further back, and may require you to shorten the pto shaft on the phd.
Greg