18 hp at 540 rpm's sounds about right. (it will be less on your 750 rpm speed) Sure it runs your hoe, it will run a splitter too, it's just about how fast and with what size cylinder... A larger pump won't give you more power, it WILL give you more speed, also the kind of pump matters too...
The reason most splitters run well with a smaller motor HP is, they are using 2 speed pumps on them. I bet the pump on your hoe is a 1 speed pump, nothing wrong with that, you just need enough HP to run it to have a lot of power on a splitter.
My 3 point splitter has a 1 speed 20 gpm PTO pump on it, it requires 20 PTO hp to get full power out of the pump... AND it does have a LOT of power and plenty of speed.
SR