I would not likely use it for bows - due to the aforementioned knots, swirls and grain run-outs - but I'd certainly need to see the end of the stock to make a choice. If it is well cut Quartersawn wood, (which it does not appear to be), then it might be useful as a board for an edge grain bow. However - like kyle said, it would be useful for lots of other stuff! I have used a lot of sketchy Osage to make camp spoons, canoe paddles, hand drum rings, and one pitiful attempt at a wooden flute. I have a buddy that turns pens and such out of some of my off-cuts. He tells me that the Osage I've given him makes wonderful turning wood.
OneBow