Thanks Brian and Jim. After a few hours out in the barn, I got the backhoe and loader off and started searching for the root cause. Unfortunately the warranty expired years ago as the tractor is 6 years old and has 620 hours on it now, so I am on my own unless I want to pay for it. But is has served me well with only a few issues that were not a result of my misuse and abuse. For those the dealer and NH have been very good to me in getting them fixed. Even out of warranty for the front ring gear coming unbolted as it was an obvious build issue (missing lock washers on the ring gear bolts).
Well, I found the problems. Yes there was more than 1 issue causing this. First, the connector on the PTO switch had come part way off the switch. The retaining clip broke off a couple of years ago when a log smashed the switch and connector. The connector was also corroded, so I cleaned it and put some dielectric grease in it to prevent any future corrosion. This did not fix the RPM indicator lights. So out comes the cluster and guess what. A few mice had decided to eat some of the insulation off the back of the cluster and some of the wires. So I taped up the wires, cleaned up the mouse mess and put wire loom over the wire harness to stop any future chewing or at least slow them down (I hope). All seems to be working OK at this point. Well I had it apart I decided to put some dielectric on the other connectors as they also appear to be getting oxidized. I figure it can't hurt and may even prevent me from being stuck out in the field with it.
Jim the cluster appears to be OK for now and the tach has been stable all the time this was occurring, but I did notice that the switch on the back was set at 1 for mine. I think this is possibly a calibration feature for the tach or because mine is a 40 vs. your 45. All I know is the 540 light comes on at 2600 RPM, so I am leaving it as is. I will have to keep an eye on the cluster as it does fog up like all the other Boomers of this vintage. Have they fixed this on the DA models or do they fog up as well?