I think that I will be "farming out" most if not all of the land clearing for the pastures--i can get it done for about 750.00 per acre from folks that use a drum like device to essentially grind everything up so one is left with no stumps, just ground-up organics.
The land clearing I will be doing will be to remove, say 5 to 6 inch trees by tapping them with the FEL at a good height and then scooping out the shallow roots with the bucket--I've done this with a skid steer with good success. Any large hardwoods I plan to leave there, or cut down and then drag away. Since the area was timbered about 5 years ago, nothing really substantial has grown yet--mostly saplings and brambles. I think I will be doing a bit of grading once the land has been cleared though.
I agree with you on getting a PHD. The PTO driven ones I have seen at Deere are about 4.000 or so. I'd probably get it and finance the whole thing--or buy an after-market one for less.
Still considering the 5425 though--seems really big now that I've been looking at the 4720! Wonder what the bottom line price difference would be...can't price them out on the Deere site anymore it seems...