If the valve does not detent in the retract mode, and return to neutral, it is not a log splitter valve.
Have you done anything with the relief setting? Even with a gage in the system, it only indicates what the pressure is at that time. I can not see that 800 psi would bog down the engine.
It appears that when enough resistance is met, for what ever reason, splitting a log, or holding the lever in full extend or retract, the pump is causing the engine to stall.
It really dose not make much sense where the engine stalls when the pressure gets to 800 psi. A good pump will continue to pump, until it exceeds the limits of the pump. What should happen is the relief in the valve if set correctly, will relieve the excess pressure, and the gage will show the usable pressure.
Did you or someone else turn the relief screw? Does the valve even have a relief valve. Can you take a close up picture of the valve, all sides. Is there a name or model number on the valve?
If the pump is worn, the designed pressure will not be met.
I had a worn pump, and could only lift half or the rated weight. Checked out the valve, and the external relief valve, then changed out the pump, and everything works as advertised.
If you only knew the designed pump pressure.