Well if there were a problem with the suction side, the steering would probly be choppy/pulse while you turn the wheel as the air bubbles pass thru the valve and cylinder. If the power steering is functional and has smooth power, and it is a single hydraulic system, then the supply and pump are probably OK. Is there a block with 3 lines connected to the pump outlet? One line comming from the pump, one running back to the 3PH and the third running to the rotary vane pump/valve at the base of the steering column. If so, and I suspect you do, that is a diverter valve that gives the steering priority over the 3PH when you turn the wheel. Again, if the steering is functioning good, that diverter is probably OK also. The difference between good and bad steering function can be demonstrated by turning the steering wheel with the engine shut off, and seeing how difficult that is to do. It works, but it isn't easy.
What usually happens in these machines is the 3PH piston seal fails, and the fluid just runs past the piston instead of lifting the impliment. A pressure gauge plugged into that quick conect at the rear of the tractor(they are at the rear of the tractor right?) would tell you the actual pressure being applied, but a log splitter doing some work and splitting a log can also show you if any usefull pressure is being generated, at least for troubleshooting purposes.
That speed regulator valve in front of the seat is really valuable at this point, as closing it/screwing it all the way in should take the 3PH lift cylinder, and it's possible blown seal out of the equation. When you close it, the 3PH lift arms shouldn't go up when you try and cycle the logsplitter. If it is a blown piston seal, closing that valve should deliver full splitting power to the logsplitter. If you still don't have full logsplitter power, then the problem is not the 3PH cylinder.