It will work but it wont last with the motor you plan on using.
An electric motor will not stall, it will just over current itself. And it will eventually burn up.
Not to mention that compressor motors are and open drip-proof type. Ypu really need a TEFC motor for the environment, and you need a farm duty motor.
Most compressor-duty 5HP motors are rated @ 15A, and with a 13.6 GPM pump, I can assure you that you will be drawing more than 20-21A @ rated PSI. We tried an electric motor on a 11GPM pump as an expirement and it drew 19-20A. Not to mention compressor motors only have a SF of 1.0. Which means EVERY time you go over the rated amps, it does permanent damage to the windings in the motor until it fails.
A REAL 5HP farm duty motor would be rated at 25A or more and have a SF of 1.15 or more. This means you could draw up to at least 28.75A before you actually hurt the motor. They are expensive. ~$400. But with lifespans of 10000 hours, it will outlast the rest of your splitter, or any gas motor you could put on it.
Good luck with the project. But if it is a new motor, I wouldn't use it and waste the money you have invested in it. Send it back and get the appropriate motor. But if it is used and you have next to nothing in it, go for it as you arent out much. IMO