One peach tree split at the trunk because of an overload of peaches
and improper support.

Is it salvageable, since I would have to cut it about three feet from
the ground and doubt if I will get new growth off it?

One thought I have is to try and graft a branch to the trunk by
cutting a V in the trunk and paring off the branch and force fit it in
the V. If it takes I would have a central leader for the tree. Any
thought on the best way to do this if it is practical.

Or am I wasting my time and just order another peach tree?

I am in Maine. It is a Reliance peach.

GA