A risk with old springs is that they are subject to stress/fatigue cracking which might be tricky to detect… until you make something and it breaks at heat treat.
Good for bodging up tools. Risky if you are going to invest a lot of time into the material. So bodge up a machete – fine, but don’t use it for high-end fancy knives.
The steel is often optimised for a bit more toughness (and resistance to stress cracking) than ultimate hardness – so might not be perfect knife steel.