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