I am assuming that he got the "large" piece of AR500 the way I got mine - free. Maybe his was just "cheap" rather than "free".
What the OP can do with it depends on the size, thickness and state (heat treated or annealed).
It will never make a real good daily user knife the way people think of these things nowadays, due to the relatively low max Rc. It will make do for decent throwing knives, as long as you don't expect miracle steel performance.
My free AR500 is a hardened, 3/8" thick, 4 ft by 8 ft remnant after someone already cut a bunch of animal silouhette shooting targets out of.
I used a plasma cutter to chop it into manageable sized pieces and am using a water jet to cut blanks, which I then SLOWLY grind into final shape, mainly no-spin spikes.
IF the OP's piece is thinner, say 3/16" or 1/4", it could be used to make really good mountain man style throwing bowies, since the Rc of throwers usually 43 to 52. HTing AR500 is supposedly more difficult for the average knife making newbie, so if the chunk is annealed, the HT will be iffy. Easier to cut w/o a water jet and easier to grind if annealed, but harder to get HTed properly.