tesmith: My experience was 560, same series of tractor, and those had a pin you removed at bottom attachment for hitch lift cylinder. There is a large pin and small pin. If you remove the small pin, this allows the bottom attachment for cylinder to pivot. My memory is a bit rusty but as I recall this allowed the hitch to float upward about a foot. I know it was lots for most normal equipment functions. I only ever used mine on a fast hitch corn planter, but like your mower it wouldn't stand weight of tractor.
340 may be a bit different, but just take a look at the bottom cylinder attachment. Actually there are 3 pins if you count the cylinder pin.
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