The idea works great, and I have used it for over 40 years, starting out with an 8N Ford. Now, I have switched to the I-match quick hitch, of which there are several 3pt quick hitches that are similar, and use the top hook for hanging the logging tongs. There is an additional "top arm" shown on this site that would hang the weight of the log out a bit further, which may or may not be an advantage, depending on how much counter weight is needed to balance the load.
/forums/images/graemlins/crazy.gif That lady, shown in the picture, smiling, while standing and while apparently pulling the big ugly stump could be (if it is for real) in for a real surprise if the stump rolls and catches - causing the tractor to rear up suddenly. It can happen and quick de-clutching is necessary. Otherwise, the tractor may be suddenly standing on its back wheels with the engine sticking straight up (or keeled over backwards on top of this lady). Not good! /forums/images/graemlins/blush.gif /forums/images/graemlins/tongue.gif
Couldn't get any prices as this site is still under construction. But the price of a 3pt quick hitch isn't much, and has many more uses than just pulling logs.