Josh
I wasn't trying to discourage you, just wanted to point out some issues that you will encounter. You stated it will be used as a splitter as one of its uses. All I was saying is to do your homework and you may find that it is cheaper to buy and operate a self contained splitter and it will outperform a 3 point splitter to boot.
As for the tractor if you are getting it for free than go for it. It can be used for other things
Good luck
Keith