Seems like to me your are talking about two different things here. 1. It sounds like you mean the slip clutch in front of the mower gear box. This is meant to slip or take up shock if the blades were to hit somthing quite solid. I would update it with a newer one slip clutch, not weld the old one together.
2.An over running clutch (one way clutch) will not protect your tractor. That is only there to absorb inertia from the mower when you decellerate or take the PTO out of gear. The mower acts like a giant flywheel. On earlier model tractors without independant PTO the mower's inertia can actually backfeed power thru the pto into the transmission and keep the tractor moving even if the foot clutch is pushed in. Thus making the tractor hard to stop, especially in an emergency situation if an overrunning clutch is not used. Like I said the overrunning clutch will not protect your tractor if you hit something with the mower. I hope this makes sense.
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