I have the ram wedge variety and like it well. Rarely use it vertical, but my wood is not that big, but nice to have the option. I vote for the return detent, saves time.
You will need a catcher on each side of the beam. I also added a table on my side to hold the big haves while I quarter the other half. You will have to unload this style manually, but if you quarter wood it is vary quick to give it the 1/2 turn and not have to reposition it.
I made a stand to hold the end of mine up to working height and allows me to flip it into the vertical position without getting back into the loader. Only downside is it is only slightly heavier on the loader end then the far end of the unit and I have tipped it over while trying to pick the splitter up with the loader and bent the valve handle and nipple holding it to the cylinder. I now tilt the beam to the ground b4 I unhook it from the machine.
I think you will find 4" piston has plenty of power. ( I can shear a 6" ash cross grain and only get to 1500 psi, most skids have 2500 to 3000 psi), I have wondered about having a 3" to speed it up, but depends how tough your wood is. I run my loader on high flow at about 2000 rpm, which give me about 16 gpm. Pretty zippy but about right. Also rarely do I fully stroke the cylinder in ash or poplar, but if you wood has a stringy grain, it may be different.
The only thing I wish is I had a 30 or 36" cylinder, as our 8' truck load length are really 100" and I can't quite fit a length cut into 4 pieces (unless I do it just perfect) even though my stove will take 36" wood.
The valve you linked to is a open center "motor" spool valve. it is designed to let a motor free spool (spin) when you move the handle to the center and when used with a cylinder the cylinder could move from gravity it the verticle position.
The link below would be a better match other then the 2750 psi max relief setting, with skidsteer pressures exceeding 3400 psi, you may to check into a higher psi rated valve.
http://www.northerntool.com/webapp/wcs/stores/servlet/product_6970_472_472
Ken