Was thinking the same thing... rig a cable to pull the log lift up when you need it w/ quick and easy attach points.
Saw a comment about using "crop dryer" motors. Those are "air over" fan motors and use the fan for cooling.
Yeah I never got there before they sold them, and haven't looked for any recently, but I'll probably pick up a slightly larger motor, if I come across the right deal, but for now the lil "5 hp compressor special" seems to do the job ok. Note to anyone considering a 5 hp 220v compressor motor for a log splitter in the future, look at the FLA on the motor, if it says 15-16, that's more like 4hp, and it will run a 16gpm splitter pump, but just barely. If you think you're gonna need a full 3000psi (you don't) then 15-16A/220V won't cut it. Something closer to 20FLA will be better. Edit: Oh I see now what you were getting at with the grain dryer motors...no self cooling.
I knew of a dryer motor put on a air compressor. Ran great, pumped fast and melted as the guy was out back sandblasting.