If this engine is run at half speed (2400 and not 3600 RPM), will its splash lubrication and air cooling be adequate to prevent increased engine wear?

I am running this engine on a log splitter, most of the time the engine has no load other than spinning the hydraulic pump. This engine has a throttle to vary the engine speed from 1200 to 3600 RPM. So is it safe to run this engine at less than 3600 RPM under these conditions or will it due damage by overheating and not getting enough lubrication?