If you need to use the PTO, you might want to check what engine RPM a 1550 needs for 540 PTO speed. The 77 engine runs slower than a 1550. It might not be able to reach PTO speed or may not have much power if it can reach it. I don't know if a 77 engine will have a tachometer connection.
 
ss55 is correct - the 770 engine won't run quite fast enough to get 540 RPM at the PTO. The 1550 single-speed PTO has 15 teeth on the pinion and 61 teeth on the driven gear. 770 has 18 and 58 teeth respectively. I had the same issue as my 1550 diesel has a 770 engine in it. J. Schwiebert put me on the right track - you can change the gear ratio, I did it, but it's expensive.
 

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