I also built one of those Heathkit log splitter kits way back when, and it worked well for a long time until I sold it..
If you know that your pump is good, you are off to a start.
You were not clear on the old Heathkit cyl. If it is still good, and the valve is good, then all you need is a motor to turn the hyd pump.
If you want to convert the cyl to a 3pt log splitter, then you need to get the fluid from the tractor to the input of the log splitter valve, and return the fluid.
If you know the relief pressure on the loader valve, we can determine the force and we know the flow, so by knowing the cyl bore size and rod size, we can compute the cycle time.
http://www.tractordata.com/farm-tractors/005/8/6/5860-kubota-b2320.html
You might have a PB port to run some hoses to the back for the log splitter hyd supply.
From the specs, it looks like you have about 4.7 GPM's for implements, and 3.6 GPM's for steering.
With GPM's that low, I believe I would install the valve by Prince called a fast extend valve, LSR-3060,
It will take that 4.7 GPM and make it act like about 28 GPM.
The lever on the valve fully fwd, will put the valve in the fast extend. For max power, pull the lever back a little.
I would recommend installing a 3000 psi hyd gage in the hyd system.
Let me know what pressure you read after fully extending or retracting the cyl.