Good looking 125

got a couple of the myself.
Yeah, the very bottom of the hitch is factory, but the rest of it was added sometime in it's life.
As for the PTO adjustment. Check the manual for the proper gap at the button at the front. For engagement, I engage the PTO at mid throttle then WOT while mowing. You'll know how fast you can mow when you get rolling, the tractor and cutting quality will let you know if you're going to fast or not.
Oh, and good luck keeping it down to one tractor, let us know how that works out.