In theory yes. Those would protect against shock loads if properly used and maintained. Slip clutches are notorious for being poorly maintained and are useless when rusted together.
I don't know why gearboxes would be rated for max power if there was no practical limit.
If you start from a working assumption that the equipment will NOT be properly used and/or properly maintained then all (of MY) bets are off.
MY slip clutches DO work and ARE maintained, I do NOT oversize shear bolts either.
BTW, the "mistake" of hitching up a 500 HP tractor to an implement with a 75 HP gearbox is one of efficiency.
As long as you stay within the working capacity of the implement everything should be just fine, though very wasteful.
Just too much steam hammer for cracking such a small nut
BTW, the Harley rake manual (among others) details slip clutch "burning", so if anyone needs to review the process they can find the manual on line.