I believe per Tractordata, your tractor's PTO is 56 hp-ish.
The JD 625 mower conditioner requires minimum 55 hp. It is available with flails and they just added their V10 steel on steel rollers as an option, as well as a wide swath kit. The cutterbar is a gear bed, but can be taken apart in modules vs a full length welded cutterbar. Most everything I read about JD's cutterbar is - it gives a very clean cut and is very rugged. An equal angle hitch is available to assist in chatter free PTO tight turns. It is an 8ft-2in cut mower. Some things JD get's right - IMHO, this is one of them.
The older New Idea 5209 was known for lower hp requirements. It is still being produced today, with improvements, as the MF 1359. It has rubber on rubber rollers or steel on steel rollers. There is no shear protection. The cutterbar is segmented similar to the JD, but uses short shafts with bevel gears to drive the cutter head. Each individual cutter head has it's own oil/grease reserve. The Deere cutterbar shares a common oil bath between it's spur gears.
Here is a quote from a PAMI report on the 5209:
"Average and peak PTO power requirements for the New
Idea 5209 were 38.2 hp (29 kW) and 52.9 hp (40 kW) respectively."
You have 56 pto hp.
A link to the report is below.
Another thing to consider for your tractor is the vertical static drawbar load. Per the manual it is 552 lbs. All of these mower conditioners have a tongue weight of 850ish lbs and up. 1,000ish lbs being what I see on most 9 ft models - and the JD625 too.
Interesting enough, the JD 5205 - which has the identical drawbar hitch as my JD5055d and your 5303 is rated for 1,225 lbs. Don't know if Deere had problems with the hitch assy breaking apart or ripping the lower end of the tranny off the tractor or it's just a CYA for safety - as these tractors are already light on the front end - without weights. The fulcrum effect of the equal angle hitch on the JD would make that 1,000 lbs be an even higher load on the drawbar. It seems like I read somewhere that a Cat 2 spec/standard requires the drawbar vertical static load to be something over 1,000 lbs - but I can't find that info at the moment.
If the limit on the drawbar weight is a show stopper, the way around it IMHO is to find a mower conditioner that mounts to the two lower lift arms. The only mower conditions that I know of are the Kuhn FC2860, which is available with flails, steel on steel rollers and rubber on rubber rollers or the Krone EasyCut 2801 CV - which is an impeller only machine. The downside is the Kuhn requires min of 67 hp and the Krone requires a min of 70 hp. Both of these machines have a spur gear bed drive.
IMHO - gear bed drives in mower conditioners use more hp to deliver power from the hp source to the cutterhead vs a shaft drive arrangement with bevel gears like the New Idea 5209. While the JD is a gear bed, I think it's lower hp is simply due to being about 1 ft narrower than a 9 ft machine.
How do I know all the above? I've got a JD 5055d that is 50ish PTO hp per it's Nebraska test at 540 PTO and am considering a disc mower conditioner. Just as you, my drawbar vertical load is limited and so is my hp. Before I buy a mower conditioner (if I buy one at all), I want it demo'd on my tractor and I am mashing JD now to tell me why a 5205, which is almost identical to my 5505d mechanically, 2.9L engine and 8/4 collar shift tranny has a drawbar rating of 1225 lbs vs my 500 lb limit.
Hp and demand. IMHO - it is relative. I had people roll their eyes at me when I bought our JD 348 baler, but it does fine - even with wagon in tow. Some said I need an 80+ hp tractor. That I get - if I'm using the thing to capacity. We'll probably never to do that, so our slower pace makes the baler manageable. The fastest we can go on our small, bumpy irregular shaped fields is about 4-4.5 mph. Anything faster than that and you need a seat belt, extra glue on the dentures and an open gate in case you can't make the turn. I read all the time about (and see on youtube) folks barreling down a field at 8 miles per hour and faster. THAT requires a lot of hp. Not sure 4-4.5 mph with an 8 or 9 ft mower conditioner will have such hp demands, even in heavy hay. But again, I'd have a demo before I would assume and shell out the $$$$'s.
FWIW - my interest in a mower conditioner is multifold. I want a simpler machine to maintain and repair than a haybine and I want to be able to cut anytime - regardless of the hour of the day, weather, hay lodged, etc., around the day job hours. So I'm thinking about one and studying every inch of them - like an exam.
Hope this helps.
YMMV
Bill
New Idea 5209 Report