One problem with doing this is the torsional vibration from the engine could fatigue implement components quicker. Although normally it would be a bit 6 cylinder in 1000 speed vs little old 3 cylinder in 540 speed so probably about the same vibration sent down pto.Lots of tractors now have 4 pto speeds..so low power machines, conventional baler could be run in selected 1000 rpm, but with the engine running around 1200 rpm,
Have heard of people wondering why straw blower gearboxes blow up when they tighten up the pto slip clutch and put 200hp down it!