pass it off to a lvl 1 rogue (nontwink) its slightly better than their beginner dagger, they will like the look too. thats about all you can do with this POS (only downside to the spear for a lvl 1 rogue is its slower) (beginner dagger is 3/25 i belive)
Or you can kill the barbarians at Lake Rath for it. I don't know if you lose faction. I saw some iksar dude kill one of the barbs and didn't loot. I picked it up. Pretty crappy actually.