You can never have to much HP, in that it all depends on how you drive your tractor. 540rpm on the PTO is the same speed regardless whether your running a 30hp tractor or a 300hp tractor the issue is normally the other way round, for example if you stick a small spray pump on a 300hp tractor it will run fine, the engine will have no load on it, but you won't hurt the pump, on the other hand stick the same pump on the 30hp tractor and the pump will still run fine, but the tractor will be under load to run it. This is why we have 540 economy mode on bigger tractor, it allows you to run the implement at a rated speed of 540 rpm on the PTO, but with lower engine rev's.
The bigger danger is if you try and engage the PTO with full engine revs, on the 300hp unit you would twist the PTO shaft and probably damage the pump from the enursa of flying from 0 to 540 in less than a second, however on the 30hp example the engine would struggle so would wind up to 540 rpm and as such probably wouldn't do any damage.
In your situation though, an 75hp tractor should be fine, round our way it would be close to the minimum most people would use to drive a mower. The mainthing to remember is engage the PTO with the engine at low rpm, the wind it up to operating rpm.
All this said, if hay cutting is what your doing have a good look at disc mowers, they are faster, less maintenance, and we you look at solely the newer machines have a better cut. There is a reason most manufacture have dropped sickles bars from their lineup (well at least round this way they have!)