If its in good shape, its a pretty good looking deal.
Actually a log splitter is about the least useful use for it. Unless you have lots of wood close to your shop, its not going to be too convenient.
Running 2-3000 psi hydraulic lines long distances is not cheap or easy, nor is running a powerline that will run a 5 hp motor.
But, if your woodpile is close, then it might be good.
Otherwise, its a very useful setup.
You have a fairly strong pump, a good tank and a radiator for cooling. After that you just add accessories.
A hydraulic motor will run an air compressor, and/or even your chop saw.
Cylinders can be adapted to run your tubing bender, a bearing press, a metal shear or an ironworker.
With creative plumbing and valving, you basically have one 5 horse motor whose power can be applied anywhere in your shop.
Either one at a time, or multiple places if the load is not too much.
You might want to check out places like these, and order catalogs to get an idea what is available.
http://www.northerntool.com/
http://www.surpluscenter.com/
You lose power converting from the motor to the pump, moving the fluid and then converting back to force again.
So, with a 5 hp motor, you cannot get 5 hp worth of power remotely, but its not anywhere near as bad as trying to run a 3 phase off single phase.
This site has some conversion factors.
http://www.surpluscenter.com/Hydraulic.htm
If you can run the chop saw with a hydraulic motor off that unit, is hard to say. If you can find out the pressure and flow rate off that pump, you can calculate what size motor would work.