If you have enough of it, it might be worth having it tested. If I were you, I'd sell it to the scrapyard and use the proceeds to buy a steel you know will make a great knife. If you're going to heat-treat it yourself, go with 1084.... if you're having someone else heat-treat it (and it needs to be someone who knows what they're doing), you have more options.
Steel is cheap, compared to the 20 hours of finishing....
You can make a knife out of stone, copper, bronze, darn near anything, but if you want to make a good knife, you want high-carbon steel, and you will want it heat-treated correctly.