Unless you can figure out a way to make torque disappear in the drive shaft(without shearing the bolt) doesn't particularly matter which end it's on. Starting the attachment, there's a little 'shock' when the clutches engage, but not that much if you back off on RPM to just above idle before you do. Hitting a stump at full RPM with a rotary cutter (bush hog) on the other hand, transfers an enormous amount of shock to the drive line, and ultimately to the tractor. Whether you shear the pin at the mower differential, or at the tractor, it's somewhat irrelevant. Worst case, with the pin sheared at the far end, you may get some wobble in the shaft.
We added a slip-clutch to our bush hog when I was a kid because without it, there was no stopping the 8N when the PTO was engaged with the mower on there. I put the old 8N in the creek more than once. What a ride that was. But, because of the inevitability of that happening, one of the first things I learned to do was point the nose downhill as soon as possible if I couldn't avoid the situation or just simply didn't turn early enough for the soil conditions (front wheels weren't very grippy and 2WD only) Creek bank tractor diving aside, a slip clutch seems like a better solution with a high inertia load, especially if you're going to be putting that load into bad places. If it's belt driven, the belts will stretch enough to absorb some of the mechanical shock, and probably slip (with a lot of complaining) in the case of a complete mechanical jam. (Rock in a tiller, something REALLY bad in a chipper, etc). Belts should slip before the shear pin breaks, but that's my opinion. Having the shear pin near the tractor might save some of the wobble of the drive shaft (depending on the inertia of the attachment), but it ain't really gonna make much difference in the experience other than moving the unavoidable really bad noises a little bit farther away from you.