Honestly the history of the object in that case matters more than the function. Even if you never use it, it's a good conversation starter. :-)
That actually sounds like my setup. There's a forge in Chicago with good rates so I'm going (mostly) weekly. I'd like to do an ax at some point, just for variety's sake. It will probably not be well-aligned either. :-)
Having a "thing to model" is helpful for building up your skill as it separates the design aspect from the construction aspect and lets you work on them separately. (Kinda like Code Katas, for the techies reading the thread...) So good on you for giving your friend something to work toward.