You hardly ever see them anymore but I imagine the primary advantage for a ground speed PTO was for a wagon or trailer with a powered axle. A PTO shaft would connect to the tractor and drive the wheels on the trailer. This was a feature for things like forage wagons and would effectively give the operator another driven axle to get though muddy conditions.
In your scenario BRUMM I would be afraid that your MF135 wouldn't have enough horsepower to spin a 6ft cutter in heavy grass at less than full engine speed. My understanding is that engine speed required to hit 540 RPM on the PTO is typically at the peak of the powerband for the engine. While spinning the engine slower with the higher ratio gear box would be more efficient in light cutting applications, if you have heavy grass to cut it may stall out the tractor. I have a slightly smaller tractor I use with a 5 ft. cutter and 2 ft. grass is sometimes more than I can handle if it is very lush.