Brad:
Although shear pins protect the entire drivetrain, they are sized to the weakest component. That is, they should break just before the weakest component is damaged.
In PHD the weakest component is usually the PTO shaft because it is so long and therefore will twist and bend fairly easily.
My Bush Hog brand has a 1 3/8" diameter (I think) input shaft and the shear pin is a "special" 3/8" pin. My Kubota
B2400 with only 18hp at the PTO will easily shear a pin at any speed much above idle if the auger hangs on a root. I later learned from Bush Hog that the only difference between the PHD model the dealer sold me (rated for a 9" auger) and the next size up (which is rated for a 24" auger) is the strength of the PTO shaft.
Had I purchased the PHD with more capacity, the only difference would have been a stronger driveshaft and the shear pin would have been upgraded from the weaker "special" pin to a stronger one. I say "special" pin because the PTO yoke that attached to the gearbox was drilled so that only the special Bush Hog proprietary shear pin could be used. The stronger PTO shaft would have been drilled to allow a different and stronger shear pin to be used.
I say all this to point out that the rather long PTO shaft inherent with PHD's is probably the weakest link and the component that will be first to fail if you upgrade the shear pin from a Grade 1/2/3 bolt to a Grade 5 or 8. It also points out that the long PTO shaft has a very low torque limit, particularly if the shaft is one of the smaller sizes.
At one point I considered using a Grade 5 bolt and, if the shaft were damaged, I would upgrade to the stronger shaft. But I changed my mind. I did drill the yoke so that I could use hardware store Grade 1/2/3 bolts rather than the hard to find (and expensive) Bush Hog proprietary pins. The bolts seem to shear as easy as the Bush Hog pin, so I suspect the Bush Hog pin has about the same tensile strength as a Grade 1/2/3 bolt. I just carry a box full of 3/8" Grade 1/2/3 bolts and take a break for a beer each time I break one.