I'm not sure of the basic premise involved. According the the NH website, the TC29D and the TC33D are both rated at 2800 RPM. Also, I'm not sure, but I believe the PTO RPM on both is the same, yet the TC33D has more PTO HP. If your premise is correct, then the 33 would have to run at a higher PTO RPM in order to achieve the higher PTO HP.
It seems to me I read somewhere else on the forum that HP on the same engine is increased by increasing fuel pressure or some such.
One way to check would be to look at the red line on both. Is the TC33D red line higher than the TC29D? I don't know the answer; perhaps owners of both could check and post the max RPMs shown on their tachs.
Now, getting down to the discussion at hand, one theory has been proposed that an engine has a shorter life span at 3600 than it does at 2400. This would depend on how you define life span. In terms of hours alone, this may be a valid theory. But, there is no reason to increase the RPMS to do the same work on both. The higher horsepower tractor has the potential to do more work than the lower HP tractor. If both are used to their maximum capability, the higher horsepower tractor will do more work in a given number of hours than a lower HP tractor. Thus, in terms of work accomplished, both will have the same life span.
To put it another way, assume the 3600 RPM tractor has a shorter life span in terms of hours, but accomplishes the same amount of work in those hours as the 2400 RPM tractor does in it's longer number of hours.
Perhaps a better way to look at it would be to compare two engines of the same HP, but achieved in a different way. Sticking with the 33 HP example, you could have a higher revving 3 cylinder engine or a lower revving 4 cylinder engine, bit rated at 33 HP. The larger, lower revving engine may have a longer life span in terms of hours and work accomplished, but at a higher cost. In other words, the only way you get the longer live span is to pay for it. The ratio of life span:dollars may actually be the same.