Well, you can always shorten the blade length to make it work on a smaller tractor or just take shallower cuts.
The hydraulics are likely not needed unless you plan on using it a lot. Those 'plowshare' style adjusters are easy to work (when properly lubed and maintained) and work well for long runs. If you are going to be doing a small area with a lot of changes needed, you'll make use of the hydraulics but that may not be worth the investment.
The steel wheels should be just fine for the tire supports. I'd only change them out if they are rotten or non-functional. You could swap them out with standard 12" trailer tires by the looks of it, if you had to.
I wouldn't cut it apart or change it unless it doesn't do the job you need it to. I've found that most times designs like that work better when kept as they were designed. You just may need to baby the first cuts into soil as you start to work it., like taking off high spots, etc. If you have access to a set of rippers for your unit, that might help doing that first as well.