If you plan on making one for pure decoration, then it might - MIGHT be an ok steel choice, but if used it would likely begin to lose the edge/sharpness on anything harder than pine wood. The steel you can find at Lowe's, Home Depot, etc. is mild 1018; the 18 standing for .18% carbon. A carbon content of .40 - .45 is the minimum for achieving martensite, or hard steel, upon quench. NJsteelbaron is the best choice for a high carbon/tool steel/hardenable stainless as far as I'm aware. If you plan on doing mostly stock removal to shape it, NJsteelbaron (Aldo's) O1 steel is resilient enough that it can be quenched in oil OR brine with good results! If you'll be doing a lot of cold-working, or shaping via forging then I would suggest being wary of the brine. The W2 can take a fine edge and in my opinion is easier to heat treat than O1...it's not as "picky" about heating and quenching conditions, there is a greater chance that it will experience some slight warping, which fortunately can be re-straightened by clamping it to a flat bar of metal and tempering for 1.5 - 2 hours. While I've not worked with the 1075, 1084, or 1095 offered from there, I hear many good things about them all.
In short; if this will be used as needed or frequently, I would recommend ordering a steel of your choice from NJsteelbaron. If you make it from 1018, A36 (1018 with a different name), or commercial weld steel, it can still be a decent looking and sharp knife, but due to lack of hardenability the edge would need re-honed far more often and dents/scratches would occur far easier (IF it is used). A blade can be both decorative and durable if the smith wishes it. If you don't have experience with heat treatment, read some of the "sticky" articles in shop talk. It's entirely up to you, and actually if this is for skill building rather than a commissioned work, those low carbon mild steels are great for practice.