No, using a splitter for that is a bad idea. Run your components in serial rather than parallel. If you find you are cooling too much in one loop then you need to either upgrade your parts or create a totally separate loop (extra pump, res, rad etc), splitting the heatload between them.
i.e
Res -> pump -> rad -> CPU -> GPU->
or
Loop one:
Res -> pump -> rad -> CPU ->
Loop two
Res-> Pump -> Rad -> GPU ->
T and Y splitters are generally used for either a 'T' line (substitute for a res) or for a run off for drainage purposes.