To add something a little more productive to the thread, I am going through this exact process right now myself.
I am a little embarrassed about what I paid for my old beat up king-kutter vs your $100 scoop, but! That's ok.
I did not really do my due dilligence upon picking mine up and took the craigslist ad for it's word (barely ever used, great shape, etc). It should have been pretty obvious that the PTO shaft wouldn't telescope, and that the shear pin was clearly busted and spun, causing all sorts of headaches... but my truck was already stuck in the mud in their yard before I even saw it, and I got flustered.
So after getting the cutter home, I was a little sad when I did my secondary (primary) inspection of it. I had to end up cutting the PTO shaft coupler off the rotary cutter's gearbox input shaft due to the smeared out shear pin. I guess that was the only real blemish on it though.
So after getting the shaft off, I decided to clean it up a bit today (sorry for the old phone pics)
I don't have an impact wrench right now, so I decided to just grind up the blade edges a little bit without taking them off. Nothing dramatic, just taking out the rock strikes and putting a little edge back on there. Next winter I may try to remove the blades and grind them cleaner... should it prove necessary.
Before:
After:
Then I changed the gear box oil (extracted it with a pella vacuum pump) and filled the gearbox ~75% with new 75w90 gear oil.
Lubed the rear wheel assembly and a few pivots, and she's ready for the new PTO shaft (arriving tomorrow).