Well... it is actually a good piece of material!
The beauty of Chinese elms is their virility - you can chop them or air-layer them or take cuttings and they respond well to just about any abuse.
That said, I think the challenge you will face with this tree is the lack of taper. It looks like some of the secondary branches had a reasonable amount to work done to them - but they seem out of scale with the caliper of the trunk. The good news - I would air-layer the main branches off and create four separate trees, and you would probably find that all four trees show better potential than your original!