I dunno ... it seems to me if you try to pick up one end of a uniform, 2000# log at the very end, and the other end is resting on the ground, then you would be lifting 1000#. If you try to pick it up anywhere toward the center, then you have to lift more. Once you get it up to a considerable angle (over 10 degrees from the horizontal) you'd start to get some weight transfer to the end on the ground. If the log isn't uniform (if the butt end is bigger than the end that's on the ground) then you'd be lifting even more.
Quick weight check:
Assume log is uniform, 18" diameter = 1.5 [ft]
Volume = (PI*1.5^2/4)*15 = 26.5 [ft^3]
Assume log floats, but not much is above the water line,
therefore density of wood is about = density of water
water weighs about 62.4 [#/ft^3]
26.5[ft^3] x 62.4[#/ft^3] = 1654[#]
I have a lot of oak & maple that's over 20" diameter, so I don't think a max lift of 500# is well suited to my needs, but it may work well for many other folks.
I would be fine with the 1/4" chains for choking, especially after reading everyone's comments. I just happen to have all 5/16". That's what I bought, so that's what I buy when I buy more chain.
-Jim