That hyd. valve looks like it will work fine.
A word of caution: most folks don't operate a log lift at the same time as the splitter, so you should see no division or "loss" of power. What you WILL see is your log lifter moving so fast it might chuck your log into places you don't want it. Other problems might be dangerously slapping the ground or tipping your machine over.
Most machines don't need a large log lift cylinder, and they generally get as small as they require, due to expense. When you hook a small diameter cylinder up to a large volume pump, you end up with some really fast hydraulic movement.
Buy an adjustable flow restrictor, and install it on the log lift cylinder. Choke it down enough that you don't have any problems related to moving too fast. The flow restrictor will only limit the speed of lift, not the final capacity. They are pretty cheap, too.