I agree with many of the previous posts: The tang would most likely break free of the handle in use. Most axes are held together via the eye wrapped around the handle, most likely with a wedge to spread the wood for a secure fit. With that noted, if you were set with the design, maybe a slightly longer tang, or have metal strips (welded to the head) coming down both sides a little further then put yout bolts through. I've seen some halberds/polearms using the latter mentioned design in an encyclopedia of ancient weapons, so that would fit the "bill." (<- my pathetic attempt at making a polearms pun, sorry) Also, for an axe to be most effective, a majority of the weight should be forward, towards the head. At least, that's been my experience in the past 5 years chopping firewood. This means a pommel would not be necessary. That's my critique as a tool/weapon.
Now, as a decorative piece, I love that design. It would look pretty awesome hanging on a wall... above a mantle, on a cold winter night, and the firelight dances off of the glinting steel. Then you hear the perpetual moans of the undead growing closer and closer, and then you hold your dearest weapon close to you. :P