We analyze the conditional states in which one part of a split spin-squeezed state is left, upon performing a collective spin measurement on the other part. For appropriate measurement directions and outcomes, we see the possibility of obtaining states with high quantum Fisher information, even reaching the Heisenberg limit. This allows us to propose a metrological protocol that can outperform standard approaches, for example, in a situation where the number of particles in the probe is bounded. The robustness of this protocol is investigated by considering realistic forms of noise present in cold-atom experiments, such as particle number fluctuations and imperfect detection. Ultimately, we show how this measurement-based state-preparation approach can allow for the conditional (i.e., heralded) preparation of spin Schrödinger's cat states even when the initial state before splitting is only mildly squeezed.