As a very experienced automotive guy, I would like to add some ideas to this discussion.
I currently own a JD LX188 with a 48" deck, 17 HP water cooled V twin, and an electric PTO. Cold stalling while engaging the mower is a problem I believe can be caused by (1) too much grease in the blade spindles, or the grease is too heavy. The blades will turn easily by hand, at a slow RPM. Try to spin them quickly is a whole different thing. As an experiment, I disassembled the spindles, cleaned all the grease out, then packed the bearings with Moly lube. (CV joint grease) The spindles spin much more freely, and take less effort to get spinning. All other pulleys, idlers, etc. are in perfect condition.
While this certainly improved the stalling, it is not the only issue. The X540 has nearly 10 more HP than the LX188. It is driving the same size, or only slightly larger three blade deck. Why would it even slow a little during PTO engagement? My theory... Fuel management! The reason the engine stalls is due to the carburetor. this is especially true when the engine is cold. Or not fully warmed up.
Utility engines feature very simple fuel requirements. They are meant to run at constant RPM's. Because of this, the carburetors lack accelerator pumps, power valves, and other features that an engine that needs to have when instant throttle response, and a large variation in RPM range is needed.
Small sized carbs are less prone to throttle lag, or hesitation than larger carbs are. (Air velocity)
Since our tractor engines are controlled by RPM governors, the actual throttles are not really open very much when the operator has the throttle at full. (And there is no load on the engine.)
When the PTO engages, the sudden torque load causes the governor to 'snap' open the throttle butterflies on the carburetor to try to get the engine back up to operating RPM's This causes a severe hesistation or stall since the carb is not designed for quick throttle response. The larger carb on the X540 will be more prone to this than the much smaller carb on the LX.
Features like the accelerator pumps would solve this problem, but would cause others. Cost, reliablity, emmissions to name a few. Electronic fuel injection is a mature technology that should be in place on the X540. It is used on the X728. I'll bet that engine does not slow much when even the largest deck is engaged. EFI will also provide the correct amount of fuel under all temperature conditions. No stall, even when cold.
My new X540 has arrived, and I will keep a close watch on this issue. I will post any comments, and possible solutions if I find them.
Preventive measures will include: Changing the engine oil to synthetic as soon as the break in period has passed. Using fuel additives to combat ethanol corrosion, and using very high quality, low drag lubes in the spindles.