There are 2 types of PTO on 560, the band type and disc type. with disc type some are adjustable from outside but if you have quick hitch or aftermarket 3 point you can't do it.From your description sounds like you have the disc type. There is an adjustment for brake by adjusting handle, but if discs are worn inside you may not be able to stop it from mspinning. Brake and power adjustment inside is separate so that is why you have good power to it but no braking. Look at IH parts manual and you can figure out for sure which type PTO you have, the other type with bands is adjustable from outside. If you decide you need to disassemple you really need service book to repair it
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