Bayonets generally do not make great knives, because the steel is kept comparatively soft. Softer steels can be tougher and harder to break, but it will not take or hold an edge very well. They also tend to have thick profiles, which further limit their cutting ability while improving their durability.
That said, if you can get a decent edge on your AK bayo, then it ought to work just fine. Give it a try. No reason you can't sharpen it from both sides.
FWIW, in my experience, most bayonets do not have a chisel grind.
I have a couple of AK 47 bayonets, which I think personally would be a good camp knife. The only problem is that they're have a chisel grind .What I was wondering was if all bayonets have a chisel grind? Also are there any ak 47 bayonets that don't have a chisel grind?