I tried split developing and could never seem to get the same control as split filter printing. I have never been able to get a developer to act like a 00 or 0 filter and squeeze detail out of a hot highlight. It's a lot easier to formulate a high contrast developer though by using a very active accelerator and developing agent.
For the way I work and think (that's a scary statement) split filter printing is more intuitive and one heck of a lot easier to deal with. But you really need to be comfortable with VC papers. If you are a dedicated graded paper person then once you have your negative your only recourse is the developer method.