I'm not familiar with a 4600 exactly, but many Ford pto's use hyd pressure to on/off the pto clutch, as well as a brake for the pto.
As they get old, the pressure on that system gets light, and the pto will spin, the brake gets too light.
Letting it do so wrecks the brake completely, but most folks do, until the pressure doesn't build up enough to engage it any more, then a total rebuild.
A real Ford mechanic likely can be much more accurate than my cliff note explination.
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