Or uphill with the log lifted but hitched too high on the tractor. When I drag a log, I lift it with the three point, but only use the bottom two points -- the lift arms set with spacers and/or a drawbar. Run the chain around the log, preferably with a timber hitch as if it was a rope, and snug it up to the lift arms, then lift the front end about 3 or 4 inches off the ground.
If you use the top link and the chains somehow come off the lift arms it could get interesting. The tool Michigander made is really nice and undoubtedly works well being a rigid frame and all, but I think I would have made it shorter to ensure the weight is as low as possible.
Then again, the flattest part of my ground is about a 4/12 pitch and I'm usually operating on some amount of sidehill, over lumpy stuff like rocks and groundhog holes, in among the puckerbushes, and generally am pretty paranoid about keeping the shiney side up.