Normally the pto output (spline shaft) will run at 540 rpm when your engine is at "rated pto speed" which is normally just below redline. Some (most) tractors have that speed indicated on the tach. There are exceptions, and I am not familiar with your tractor.
Not exactly. PTO indicated speed on the tachometer isn't 'redline', it's the engine speed at which the greatest torque is produced. Red line is the maximum safe allowable, sustainable RPM without destroying the engine.
Note, I said "normally just below redline."