I cringe at the thought of using hedgewood for firewood.
The stuff is getting harder to find for fence posts, and we've got a lot of pasture. Some sections of our fence were set by my great great grandfather over a hundred years ago, and the osage posts are still holding up.
It is a very, very strong wood, in one direction. Meaning, it makes a hell of a stick, or bow, or cane, but is not the best choice for things that require strength in more than one dimension. It also splits readily, so it's not best for applications that require drilling holes through it, inletting channels, etc. However, even when split, it's still strong in the linear dimension.
Thus I think there's perhaps better choices for knife handles, BUT, the stuff is perfect for axe, hatchet, and tomahawk handles! It would be my number one choice of wood for that application. It may not be as pretty as walnut, or as common as ash, but it will be stronger than both, (well, depending on the growing climate of each) and develops a dark brown patina with use. (assuming it's not sealed off, so the oils on your skin can darken it.) Also, the stuff is hard as a rock when it dries, so it wears pretty well. If you drop it or bang it up a lot, you won't notice as many dents and scratches.
If I were you, the first thing I'd do is try to find some farmers/ranchers with livestock in the area, and see if they're interested in it for posts. We usually provide the labor of cutting/clearing the trees in exchange for the posts, so it's a win/win situation. There will probably still be a fair pile of firewood left over once they're done. Also, I'd save back a couple logs from the straightest trees. Yeah, you've probably noticed straight ones are kinda rare, so don't waste 'em. One log could provide a whole pile of knife handles, and lots of good axe handles. Even if you won't use it, ask here if anybody wants straight pieces for axes, or on an archery site for bows, so it doesn't go to waste. They might even pay you good money for it. Last time I stopped in a big archery store, they were selling split pieces of osage logs for like $75 each. Yeah, 75 bucks for a raw split stave.
If you end up using it for firewood, just make sure you let it dry for at least a year. (as I'm sure you already know) The stuff burns HOT, so go easy if you're accustomed to burning other woods!! Grandpa almost burned the shop down a few winters back that way. We have a big wood burning stove (maybe 3'x3'x6') to heat the shop, and he threw in a bunch of old hedge posts before going out to take care of the cattle. He usually stokes it this way with other woods no problem. When they got back, the door of the stove, which was made from 3/8" thick steel plate, was violently banging open and closed as the fire tried to draw air! And every time it opened a bit, flames shot out all the old bolt holes around the edge like a blast furnace. The heat had also warped it about 2", and the entire 10' flue pipe going to the chimney was glowing bright red!
