Looks like it will do the job. The wide handles are much more ergonomic than the ones that point back at the operator. You wouldn't have to hold this one so tightly. Less fatigue. A couple of washers welded near the tips of the handles would hold rawhide handle grips from slipping off. If you were to apply the handle cover and use the tool lightly before it dries, it will conform to your hand just like wet cowboy
boots develop that perfect fit. This is way easier on the inner knuckles. On cold days, you'll prefer leather to bare steel.
I saw one that was slightly curved to match the curve of the log.
Some very durable ones are made from old planer blades from sawmills. The metal is very high quality. edit--- Caleb said that already. Larger planer blades are great for making froes and barking spuds.
The almost new draw knife that I bought for $5 at a
yard sale this summer, was made in Germany.
In the right hands, a barking spud is effective. It can be used to trim little branches and knots smoothly. The weight of the tool carries it through the knot.
http://diytimberframe.com/barking-spud/