Hey Wall e... I used to work in a sawmill years ago and started out with the exact same thing at first and likely made 30-40 knives out of planer blades before ever buying a single piece of steel. It can and does make a decent knife if it's done right and it's a great way to hone your grinding and sanding skills (forget filing or drilling it) before using your own money to buy steel in my opinion that is. I had figured if it was good enough to spend hours spinning at whatever RPM and cutting knots out of wood, it was good enough to make a good knife... and it is. It is however HARD, which at the time equated to holding an edge, but also that the edge would chip if it was thin and it was hard to sharpen, so you'll have to learn how to deal with that better than i did perhaps. At the time i didn't know much about heat treating and whatnot and just used the torches in the shop and a bucket of sand to anneal them a bit so they wouldn't be brittle, then moved on to softening them in the oven for a few hours as taught to me by another old knifemaker using them and with that, every knife i turned out made somebody pretty happy (usually to the tune of "man, that thing holds an edge" from more than one hunter) so i thought I'd nailed it, until i started reading magazines and learning that there were other makers out there doing it different and better than i was with other steels you just ordered that came soft.. what a gift it is to work with soft steel that you can just make harder later, lol. that being the case there is sooooo much more information available in places like this to tell you how to do this stuff than was available to me and i reccommend learning how to adjust the HT accordingly to get what you want... pain in the arse? maybe.. but also can be worth it if you do a bit of work.
best of luck
Royce