Don't forget to put some big U-bolts around the lower end of the cylinder so it doesn't do what your old one did.
Did you say you would have a 10 second cycle time with the new cylinder? How big of a pump are you running?
As for the wedge, mine is 1 inch wide with no flare. It acts like a knife on stringy wood like hickory. The only used of a wide flare on the wedge is to separate the wood faster so you don't have to use the whole stroke. With your fast cycle time and auto cycle valve there is no point of short cycling splits. I just let the next piece push it off the end into a pile, or a trailer.
Not to highjack your thread because I think you said something about a 4 way also, but I am planning on putting a 4way on mine also. But I am not sure if I should make a slip on to go over my current wedge, or add a bar behind the wedge for the 4 way to ride up and down on. I have concerns about strength if I run a rod behind the wedge although I have seen commercial machines use this design.
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