I am not much of a maintenance or troublshooting guy but I have two thoughts.
It sounds like pilot bearing trouble. Although I have and use a 504, I have never had any clutch or TA problems so I don't even what kind of access you have for testing the pilot bearing even if that can be done.
The other thought is the integral IPTO gear and hollow shaft is putting a drag on the clutch shaft, that runs inside of it, when the clutch is disengaged. Not sure if there is access to clean that annular space with air or high pressure water.
Apart from those two suggestions, I think most people would say you have pressure plate or clutch disc problems. They may be right. Have you tried Red Power forum?
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