I am certainly not as experienced as most posting on here. That said, I see no harm in making this knife if it is made just for the experience of doing it. It could be a great conversation piece to others that don't have the knowledge or ability to do this "craft project". As long as the OP does not expect more out of it than the satisfaction of the project, and does not actually try to use it as a viable knife. More power to him I say. My Grandfather made a "Bowie" type knife several years ago out of an old crosscut saw blade, and put a walnut handle on it. It was a beautiful blade, and we cut up lots of deer with it over the years. I understand this is a lot better steel than the sawsall blade is. However, it could be good practice for a better blade in the future, and knowing whether or not he wants to pursue this project further.
Just my $0.02 worth that you don't even have to pay for.
Omar

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