The M&W Clutch is a nice add on but does not quite give you a live pto. By pulling back on the lever it disengages the forward (or reverse) gears without killing the pto you can then feather it in and out to move a little or push it all the way in to get underway again. Its not the same as a modern live pto but it is a lot better than the stock set up. I also had an after market 3 point hitch which are still available. They bolt right on and hook up to your stock hydraulics. They don't have draft control and are not quite as handy as the real thing, but if you intend to actually use your tractor, get one.
One word of caution on the M&W. You may be tempted to put it in reverse and get off and tap it to get hooked up to an implement while standing between the tractor and the implement. Sometimes it makes it easy to hook up and sometimes you run yourself over. Also I understand that new replacement parts are not available for M&W clutches. So if you burn it up, you'll be looking through junk yards.