Is the chipper rated for more than 540 PTO? If it isn't, I wouldn't run it any faster. Most of the ones that I've seen are basically a hammer mill design. There are some things I might consider running over rated rpm, but that isn't one of them.
I'm not sure what you've seen for gear boxes on the PTO. One of the models has a backwards PTO and runs a reverser, or you may have seen an over running clutch. I've not seen a speed increaser, but that doesn't mean that they don't exist. My L1500DT has a 4 speed PTO, but that doesn't do you any good.