The tractor's engine is capable of making a certain amount of power. You can use any amount of it up to the maximum. When idling with no attachments running, the engine makes very little power - it uses very little fuel, makes less heat, less noise, etc.
As you add load (as you resist the engine turning) more fuel goes in, more power is made, more heat, more noise etc. up to the maximum the engine can do.
The power-take-off shafts and the drive wheels share whatever power the engine makes. If there is something taking 8 hp on the rear pto, and the wheels are using 4 or 5 to move the tractor up a slope, your BX would have 3 or 4 left you could use at the mid pto. (maybe not practical)
BTW, the pto speed is directly proportional to engine rpm. It is not constant at 540 rpm (unless the engine runs at the corresponding rpm - usually about 2300 depending on model)
Hope this is useful. Sorry if it's too basic.
On the subject of multiple attachments, it is rare that you would find a situation in which that would work well. The idea of two mowers - one on the rear and one sidemount, running from the mid-pto is appealing in theory - but that's a lot of machinery to keep track of - you'd be watching where the side cutter is and not notice a rock the rear one is about to eat.