Correct that you don't need an over-running clutch on your 4300. The PTO can be braked by moving the lever to full off, or allowed to coast by moving the lever to mid-position. Moving the lever to ON slowly will feather the PTO clutch to run.
The #5 should have it's own PTO clutch that will slip when the sickle bar gets plugged up like with a slug of hay or a stick. If you are fitting a PTO shaft that doesn't have the clutch, then you need to consider one. But the over-running clutch isn't what you need. Under power, it will not slip, but will only allow the attachment to run faster than the tractor (i.e the case when a rotary cutter is coasting down and the tractor power train is slower or stopped).