Just a quick update. I believe that I purchased this at an antique store in the Southeastern corner of Indiana, where I used to live. (I have updated my current location to Washington State). First, I annealed the piece. Then, I removed the mushroomed edges and cracked areas. While cleaning it up with the wire wheel, I noticed there appears to be a stamp of some sort. The letters " O, W, E, and R" seem visible, as well as a possible Spade symbol before it? I'm not sure what to make of that. I've attached a picture. My only possible solution is that it could have been passed down to me from my grandfather (our last name is Lowery), who gave me many of his tools and odd bits of metal. If that's the case, then I did not purchase it at the antique store (where I bought several old tools and bits of metal). He grew up in the northern Kentucky area, so it was possibly used there.
I've decided to go ahead and try to use it as the base for an axe. I plan to forge weld a bit of 5160 steel for the edge, after it's shaped up. I'll post some updates when I've made some progress- currently working on another piece that just finished tempering.