Welcome to the forum, AU!
I really like this blade. I am certain the fullers and markings will allow someone on here to place where it comes from and what it looked like in it's original form. It does indeed look like it is cut down from something larger. I'm not sure it has been mounted on this hilt for very long. The antler near the guard is uniform in color, and from what I've seen on here, one can typically expect that the junction of steel to antler would cause some discoloration in that area over time. Of course, I am notoriously bad at judging things from photos, so wait for the experts!
Still,an handsome piece, and I'll be following the discussion to see what expertise others can lend.
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