I just feel I should go through his item/rules costs.
The Splitter doesn't do the "same thing" as a sword of might. He's still only St4, what it does is the same thing as Biting Blade and Cuirass of Fortune - there's a big difference between +1 to wound and re-rolling 1's to wound. Those are 30 points total as is and take up 2 items.
Virtue of Benevolence is kind of the same as Empathy, but you get a re-roll on a failed Leadership (which is taken at LD8 ), or a free horse and an auto-pass on a Leadership test. That's worth more than just 10 points. Standing their ground against a charging "somthing big and scary" is a pretty big deal. Is that worth an extra 5 or 10 points?
Yes, I'll admit that the Staghorn is worth about the same as the Dragonhelm, but the one off stubborn can be used with any peasant, not just [email protected] ...even archers behind their stakes...So maybe worth an extra 5 or 10.
As for the extra attack he gets, if he was a unit champ, that'd be worth 10 points, if it was a magical weapon that'd be worth 20.
That's a total of somewhere between and extra 70 and 90 points of items and rules. Looking at it that way, he is somewhere in the range of a little overpriced to fairly underpriced.