I'd make it into a nice bread knife. Make it real sharp, but rounded enough to spread butter, and you got yourself a nice breakfast tool.
Sand down the handle until it looks good, add some semi-dark stain to liven it up, then seal it. As for the part where the tang meets the wood, either grind it until it looks good, or maybe add a little bondo in the cracks before finish.
Belt grind away man, 220 grit leaves it looking pretty nice, and good enough for most utilitarian uses, then hand-sanding will take out any bigger grooves if you want.
Unless you eat a lot of oysters, that is.
My other suggestion would be to make a nice steak knife, like the shape you're looking at. But it'll need some TLC in the way of grinding either way.
_z