I have a mower that was doing the same thing. Under minimal load, it seemed to work fine, but when I engaged the PTO, it would bog down and never recover. Long story short, check your spark plugs. A rusty or corroded plug will give these symptoms, and it's a cheaper guess than a new PTO. Just my $0.02.
Good luck!
Nate
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CCC 784 w/ Triple Hydraulics
IH 982
Cub Cadet Commercial H1748 Walk-Behind
50C Deck
42" Hydraulic Angle Front Blade
41" IH Rear Blade
QA42A Snowthrower
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