That much over is not good. Why?
For one, foam. The crankshaft will be running in oil all the time which causes the oil to get whipped up and aerated.
Secondly, almost all newer tractors (about 1995+) are no longer allowed to have "draft tubes", meaning that the crankcase vents not to the atmosphere like they used to, but to the intake manifold. With a crankcase that's overfilled, some oil can make it's way to that tube, down the intake, and if that happens 2 things result. A possibility of bent rods and a possibility of runaway engine that won't turn off without cutting it's air supply off (pinch the rubber intake tube between air filter and intake manifold).
It would be advisable to drain it down to the proper level...