I've read that they have difficulty backbudding, and that may be a issue, as the branches need to tighten terrifically. I plan on growing it out a bit, but think it may make a nice feminine tree. Anyway....for free, it's hard to go wrong.
I've never worked with loropetalum, but no guts, no glory. I'd fertilize well this fall then cut back hard this winter and see what pops down on the lower trunks next year. You really need more foliage down there.