I have made several dozen knife blades from hand saws and crosscut saws. I draw the shape I want on the saw blade, then carefully chisel a light line around that shape. I then go back along that outline several more times with the chisel. After you have chiseled in a bit, the steel in the saw blade will begin to crack/break along the line of your chiseling. Clamping the saw blade in your vise and lightly tapping along the side of the blade helps extend that crack/chisel line until your knife blade blank breaks free.
The edge will be rough, with lots of sharp jagged edges. I then carefully grind all along the outside of my knife blank to smooth and true up the steel to the final profile of the knife blade I want. I cool the saw steel often. If you can't hold/touch it with your fingers - cool it right now. This will retain the original heat-treat of the saw blade. Once I get the profile of the blade smoothed and trued up, I then start to grind in my edge bevels.
If you have very good (expensive) drill bits, you can drill the holes you need to attach your handle. But the hardened steel in the saw blades eats up drill bits fast. I now use a very small punch to "punch" my hole through, and then ream it out with my drill. You don't need to drill holes and pin your handle on - you can just glue it with good epoxy.
The blades in these iron-handled French styled clasp knives were made this way. The style is based on some original artifacts recovered from la Salle's ship la Belle which sank of the Texas coast in 1685.
These blades were made from a large two-man crosscut saw blade. I have made Penny Knife blades from a regular woodworking hand saw. But I use OLD saw blades. Some modern ones ony have good tool steel right along the teeth/cutting edge, and use mild low-carbon steel for the rest of the saw. If you don't overheat the metal when you are grinding it to shape, they hold an edge real well, and are pretty easy to resharpen.
Good luck on your project. It's always more fun and satisfying to use a tool you made yourself.
Just my humble thoughts to share.
yhs
Mike Ameling