I think that would be a smart move from the sounds of your needs. I have had a 4120 power/preverser trans for 5 years now and it has been nearly flawless in performance. It is primarily used for rotary mowing, but I have used (2) discs on it, a heavy 6.5 ft, 3-point and a lighter, 8 ft pull-type. It is grossly overpowered for either of these implements in any field conditions and could easily handle an 8 foot, 3-point or a 10 foot pull-type. I also use it on a 6 ft rotary mower and again, I have never felt the need for any more power, even mowing thick weeds. The R1 tires with loaded rears lets me get all the power I need into the ground for ground engaging work, something you would certainly be unable to do with R4's and I strongly recommend that you do not go that way. The only issues I have with the tractor is the lack of draft control on the hydraulics, which would be nice for plowing, and some difficulty with 3-point hookups (I didnt get the telescoping lower links and should have.) It takes me about 1/4 the time to hook/unhook my old 8n Ford to an implement on average mainly due to that tractor's much lighter weight and a little more clearance at the link pins, plus a nicer leveling box on one side arm. A powerereverser transmission is definitely better than a hydro for ground engaging work, but a 4320 hydro will let you get about as much power to the ground as you can with a 4120 P/R, so in my opinion either transmission will work for you. The hydro is certainly better for loader work.
The 400X loader has been real strong and dependable. I leave it on while dscing and have used it on occasion to pull myself out of a mudhole. My farm is swampy bottomland and takes a long time to dry out each spring. This 4wd, 4120 has allowed me to finish spring planting an average of 1 month earlier than when all I had was 2wd. Also, I used to get stuck and average of 4-5 times a season, and always needed to leave my largest tractor in reserve while spring tilling, so I could pull out the smaller one when it got stuck. I have not been stuck once in (5) years thanks to that 4120, and they have been some of the wettest seasons I can remember.
The 400X loader has been real strong and dependable. I leave it on while dscing and have used it on occasion to pull myself out of a mudhole. My farm is swampy bottomland and takes a long time to dry out each spring. This 4wd, 4120 has allowed me to finish spring planting an average of 1 month earlier than when all I had was 2wd. Also, I used to get stuck and average of 4-5 times a season, and always needed to leave my largest tractor in reserve while spring tilling, so I could pull out the smaller one when it got stuck. I have not been stuck once in (5) years thanks to that 4120, and they have been some of the wettest seasons I can remember.