Here is something on service factors.
When sizing motors, service factor rating is a necessary consideration. Most U.S.-made motors have a service life of 1.15, meaning they will handle 115% of normal running current indefinitely without damage. A service factor of 1.0 indicates the motor will tolerate nameplate running current only. This type of motor is being used more frequently, and needs overload protection that trips faster than the traditional Class 20 overload relay.
I would think it would depend on the service factor for the 5 HP motor, and 22 GPM pump. I think the next pump down , the 16 GPM would give more longevity to the log splitter. However, the log splitter is not splitting at 2500 psi very much, and the only difference is the 22 GPM pump will give a faster cycle time, running at the limit of the electric motor.
At one time I had thought of building a log splitter with an accumulator with a check valve to store up energy and accelerate cycle times.
With the lever in neutral, the pump is just recirculating fluid through the valve. It could be doing useful work.
The suction port on the 22 GPM pump is 1 in, and outlet is 3/4, so that is the limiting factor in hose sizing. You can go larger, to reduce any flow restrictions.