I assumed your conveyor was outfeed and continuously running. If it is infeed and intermiitent, then your heat loads are much less.
I would still add a third, small pump, into a small power beyond spool valve for conveyor and cylinders, and take the PB out to the saw circuit.
However, to use from the two pump circuit, I would put a main relief valve after the pump (because priority dividers can block flow under certain conditions), then a priority flow divider. That may be hard to find one with 40. Gpm capability but 3-6 gpm out the priority.
Priority dividers can be adjustable, but they take a constant flow out, say 5 gpm, regardless of input flow which varies as the engine speed varies. Think of a power steering circuit. A proportional divider (say 95%/5% just for illustration) would have wicked fast steering reaction at high engine speeds, but nothing at idle. Priority is constant outlet flow. The other side (say 35 gpm) will be throttled from the load pressure when the conveyor or cylinders run from the priority, so that is a significant source of heat, but hopefully brief.
Take that 5 gpm flow into a multi spool small valve with Power Beyond ( and necessary reliefs or flow controls). Run conveyor and cylinders from small valve. T port goes to tank, and is the return when the valve circuits are working. PB port (which is where the 5 gpm goes when valve circuits are not being used) goes to a tee back ahead of the main 4o gpm splitter valve.
That way, the 5 gpm is not wasted to tank when not being used, yet has full pressure available if you want to run cylinders or conveyor while the cylinder is splitting. The spltting would just slow down briefly, then speed back up. Both circuits get full pressure/force, just reduced flow/speed for a bit.
I would NOT try running the T port of a two ported (without PB port) valve in series back into the tee into the main circuit. You may be lucky if the T cores of the casting are strong enough to take full pressure, but they are not designed to do that. Casting may crack, or the orings on ends of the spool may damage and leak. Or they may work fine for a while. Depends on casting design. Pressure drops would be additive, not referenced to tank pressure, so the small valve and the splitter valve would lose pressure/force or stall when both were operated together. They don’t each get 2500 psi (or whatever). They total up to 2500 in series, so one may get 1500 and one 1000 for instance. If loads are small, no problem. If loads are bigger, one or both will stall.
Kcj