I have the exact same tank and pump as you, and I have mixed feelings about the Hydor. I just switched back (temporarily) to a Y splitter. The hydor was getting covered in reddish algae, and I noticed a dead spot on the back wall of my tank. This spot didn't seem to happen with the Y splitter, especially since you can change the flow pattern at any given time. Even with my original pump and single exit nozzle I never seemed to have this problem before - so I admit I'm a bit stumped.
And yes, the Y nozzle does cut down the flow a bit, but so did the Hydor. Neither of them put out the kind of flow that I got when there was nothing connected to the exit hole.