It can only be activated by Evil characters... but I guess you could keep it around.
It's still a +2 staff that hits as a heavy mace (Which for small characters as Kragtar would be 1d6) Having this would mean that even with Bhelry's tiny strength, he could still melee folks and get in some semblance of damage.
And actually, that's incorrect. With a Use Magic Device ability with a DC of 30 it can be activated by another character. A skill that Bhelry happens to have... even though it's not that high yet. I can also do it without duration through the bluff skill, but the DC apparently is an unbelievably high 70.
Not to mention, it has storyline importance. It's the staff that killed Beligzbus Longbothem II and would probably have some memories tied to the Ork king. I would kind of like to have it.
Furthermore, splitting 9k gold while lucrative isn't as lucrative as you all are giving it credit for. In the long run I think keeping it's the better option.