Please don't ruin a really cool design with "improvements". Instead call Lowell Webb at Webb Chain Saw in Soquel, CA. When Piqua Engineering went out of business Lowell bought up all the parts they had and he made many replacement parts. Webbs is the only place I know of to get parts for Lickety Log Splitters.
Here is the web site for Webb Chain Saw:
http://webbs-farmsupplies.com/. The phone number is 831-475-1020.
I have a Lickety Log Splitter model EK308 that was given to me. The PO had run the engine out of oil and then lost most of the parts for the engine after disassembling it. They asked me to haul it to the dump for them. Instead I hauled it home.
I found another Kohler 8hp (K181 model) on the internet that I rebuilt. This 30 year old log splitter outpaces most new splitters friends own. You have a very good machine and with a little TLC you will have it running again. I live in Santa Cruz. If you want to pull it down I can take a look at it for you and better yet you can take it to Lowell and have one of the best look at your machine. Lowell is a rare breed. He will spend a lot of time helping perfect strangers. Webbs is a 3rd generation owned business and they treat customers right.
Bob