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First you need to tell us how much power is in the PTO shaft when it's running in the off position. Is it just running but stops when you grab it by hand or if you put a timber stake under it, does it get ripped to pieces?
If the hi/lo is fine then it's more likely it needs new PTO plates in the PTO pack. The easy way is to take out the pack and take it to reconditioned at your dealer.
You'll need to watch the hi/lo splitter for the next 2 weeks or so for a problem to show up after the PTO problem arises as the hi/lo can go wrong first.