yes it will work / can be made to work.
YES it will be slow.
YES you will have to size the cyl correctly to get splitting force.
full out you make 1500-1700 PSI and 2.85 gpm on a decent N pump.
flow is lower at lower rpm.. though pressure will still be there at reduced flow.
the larger the piston in the cyl.. the more that 1700psi does.. etc.
later tractors and ag hyds are in the neighborhood of 2500 psi.
a pto pump could be added to your N and then you'd have plenty of flow and pressure..e tc.
so.. yes, maybee, yes, yes.
speed is about the biggest sacrifice.. and a lil fuel perhapos.
if just kindling etc.. i think it will be a fun project..