Finally got this thing out of the ground a few days ago. Cut it off 14 to 16 inches above the crotch to find 10 to 11inches of heartwood in each side. Pleasantly surprised with the color of it, though I'm certainly no expert. Nice Dark browns and yellows when I wetted the saw cut. Counted roughly 50 rings in the heartwood on one of the limbs.
Digging the huge wad of clay out of the roots so I could get it up to the yard with the skid steer was an "interesting" experience.....
I'll update next spring when I get it cleaned up, trimmed, and find someone to mill it. If nothing else, I should be able to get a few laminates out of it.
I used to collect pieces of walnut trees, much like you are doing, and process them into blanks and 5/4 for laminating. I have all kinds of stories I could tell.
One of the most important things is that the root ball could have inclusions such as gravel, rocks or anything else the tree grew around. Even trimming the roots with a chain saw will not remove the inclusions. When the band saw hits them, it will dull the blade and that is an automatic $30 dollars for the guy that does my band sawing. He has to shut down, change the blade and recut in a different place. If it works great, sometimes it doesn't.
Then you have to store the blanks or 5/4 in a place that doesn't dry it too quickly. Drying too quickly will produce cracks that run laterally through the lumber, pretty much rendering it useless for stocks, but fine for smaller projects.
The crotch you pictured may look good when it is cut and green. When the blank or lumber cut from it dries it may open up or what is called "shake". The two trunks of the tree don't sway in the wind perfectly together, and there is cracks all over the junction of the two in the crotch. You can't see them when it is wet, but a year or so after cutting, the cracks will be there, and they are usually large enough that they can't be filled without being unsightly. Wood on each side of the crotch can be used, and it will usually contain some nice grain, but you have to figure out how to use it.
If you get something out of it, great. There is intrinsic value in something from your land.
My best luck has been cutting 5/4 lumber and drying that, then laminating. If you go that route, and need some tips, PM me and I would glad to advise.