I've solved this by adapting the section from mysql for splunk, thus (as a diff) - this has let us migrate to a dependency based boot with insserv:
diff --git a/init.d/splunk b/init.d/splunk
index 1941f17..af67001 100755
--- a/init.d/splunk
+++ b/init.d/splunk
@@ -4,6 +4,18 @@
# init script for Splunk.
# generated by 'splunk enable boot-start'.
#
+### BEGIN INIT INFO
+# Provides: splunk
+# Required-Start: $remote_fs $syslog
+# Required-Stop: $remote_fs $syslog
+# Should-Start: $network $time
+# Should-Stop: $network $time
+# Default-Start: 2 3 4 5
+# Default-Stop: 0 1 6
+# Short-Description: Start and stop the splunk database server daemon
+# Description: Controls the main splunk database server daemon "splunk"
+### END INIT INFO
+
RETVAL=0
splunk_start() {
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