Final update: We're shredding the Woolly!
Turned out to be a multitude of issues. To start with I didn't tighten the bolts on the slip clutch enough or didn't check them soon enough afterwards. Either way they went super loose and the friction plates broke apart.
So I rebuilt for the second time, but this go round I took the PTO shaft off completely and took it to my shop at the house for a proper rebuild. Learning from my previous errors, I made sure I was tight at first and then checked early on to see what slippage I was getting. The disk had moved a bit more than I thought they should have, but I really didn't have a proper reference so I kept going for a couple more passes. Then the white smoke reappeared! Stopped immediately and took the shredder back for a retighten.
At this point I decided I might just have too much tractor for the shredder. Since the "issues" appeared after I switched from our
L3130 to the comfort of the AC on the
M7040 I figured I might be overpowering the SQ600. Switched back to the
L3130 and now I can "hear" the squealer telling me DON'T DO THAT - which was totally unaudiable from the cab of the
M7040. I surmise the
M7040 has enough power to simply drag the Bush Hog through tough stuff that I would normally slow down for. As it did so the slip clutch squealed in protest - but I couldn't hear it from the cab.
At any rate - all is good now and it's back to cutting like before.
Lessons learned:
1) You most certainly CAN have too much tractor (although I never thought I would say that).
2) Gotta check the slip clutch bolts and retighten after a few minutes when you rebuild.
3) White smoke says the friction plates are slipping WAY too much.
4) Buy two sets of friction disks (you never know when you'll need the second set).
5) 10 year old dull blades "shred" just fine.
6) Woolly ain't got nothin' on a good Bush Hog...