Industry-standard PTO implements are designed to run at either 540 or 1000 RPM, depending on the HP requirement for the implement. Lower HP implements like finish mowers are 540RPM, as evidenced by a 6-spline PTO coupler and the matching shaft sticking out of the tractor.
Old tractors lack a way of accurately measuring/controlling the PTO speed so it would make no sense to design your implement for, say, 319RPM. You can safely assume if it's attached to your Oliver 550, which only has a 540RPM PTO, that the mower is rated for 540RPM.
Your tachometer will have "PTO RPM 540" marked on it. As shown below that is 16(hundred) engine RPM. You want to maintain that engine RPM under load, so you need to start out with the RPMs higher before you put the mower in grass. Most likely you will be at wide open throttle to maintain 1600RPM while mowing.
It is not necessary to be "perfect." The mower will not fly apart if you run it at 541RPM unless it is in very poor condition, but then it would fly apart at 540 too.
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