I had one a while back. It's light weight, definately more of a weapon than utility design, but I'm sure it'll cut what you need it to. Mine was somewhat hard to get a good edge on. I was even less skilled at sharpening then than I am now though. I seem to recall it having a pretty thick edge. I'd say some cordage for the handle will probably be the way to go too.
I remember there being some fake ones out there too, so use some judgement when buying it. I don't think the fake ones were marked like the real ones, so it hopefully wouldn't be too hard to tell in pictures.
By the way, $30 would be a steal. I also had a MOD Caracara too, and it was one of the nicest frame-locks I've ever owned.