PeopleSoft and Splunk tool connection/ Integration

Hi PeopleSoft Experts,

We have a splunk tool with client team and suggested to use the PeopleSoft App/Web logs to access through splunk for real time monitoring.

1. Can someone provide the business use or administrative usage with splunk integration, what advantages we can get by integrating with splunk?
2. Is there any specific version we need to check before integration, any document on certified versions for Peoplesoft HCM9.2/FSCM9.2 and Tools 8.58?
3. Any limitations or restrictions since app log or weblogs are exposed to outside of the Linux box from prod or non-prod? any load effect to servers?
4. Please provide your experiences with Splunk advantages and disadvantages if any.