There's no torque converter. Just dry clutch or hydraulic clutch drive. On or off and no inbetween. If it slips at any RPMs, there are problems. The hydraulic reverser is designed to "shift on the go" but you'll find that's a little "iffy" in high gears and high RPMs. It's OK at low engine speeds in low gears - but otherwise you'll feel safer throttling down and sometimes pushing in the clutch when using it. I suspect it will last longer that way. Those little reversers don't take near the beating the ones do in the 350 and 450 crawlers.
PTO can be live or non-live. Live is only on machines that do NOT have a hydraulic reverser.