Doh!
You're absolutely right!
Yup. So I should do it this way:
Now the down forces are at the red arrows, and the up forces are at the blue. If the stump is halfway between the splitter and the fulcrum, it will be pulled up at half the speed of the ram return, but with twice the force (minus any friction losses, which should be negligible).
At this rate, though, it's getting to be more complicated than it's probably worth. I might as well fabricate some beefy extensions to the foot plate, and go back to Plan 1.
Or just rent the backhoe. I was hoping I could figure out a simple way to do this, so I can whack at them onsey-twosey in the evenings, and get all the small stuff that way. Then rent a backhoe for the big stuff all in one day.
My place was just let go by the previous owners, and the back was an overgrown mess of saplings & vines. I've downed all but 3 or 4 of the saplings, and I have a monster brush pile, and many dozens of stumps to deal with...