<font color="blue"> I can run it all day without the PTO engaged...no problem.
I can run it all day with the PTO engaged and the mower deck off the ground...no problem (not that I do this).
The minute I start cutting grass (even short, thick grass) the engine bogs down, black smoke emits from the engine and the temp gauge shoots almost immediately to the red.
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According to the above statement, it sounds like something in the deck isn't right. You could have a bad bearing in one of the spindles but that would cause belt slippage. Sounds more like a problem with the main gearbox on the deck.
If it overheats a little before starting to bog down, I'd check the radiator fins. If they are stopped up with grass and such, it can cause an overheating problem (especially under load).
My first guess would be something in the deck is binding, when you start cutting grass.
By the way, never shut off a hot engine. Always take the load off and let it idle for a few minutes. This will give the radiator time to cool the water and keep it from boiling.
Good luck