Amen to both of MGA's comments. You'll build up quite a bit of back pressure with 16 GPM in a 1/2" line. That translates into wasting power, and creating unnecessary heat. You don't want either one on a log splitter.
Theoretically, you can run any amount of flow through a small line, but it takes pressure to do it. The larger the line, the less back pressure. It takes power to create pressure.
Don the Hydraulics Guy