Honestly, I think you may be better taking it apart, drilling some holes in the ends and creating some cool perches or a swing(the top piece would make a great swing), or both.
I don´t imagine it being a fun toy as it is simply for sheer size. Plus if your bird starts to ¨angry play¨ he could push it fast and it will come back faster and bonk him.
You could reuse the chain and bell for toy making.
edit;
If you do keeo it as it is, be sure to do something about the part of exposed chain at the top. This is exactly the toy type where the bird will grapple the toy and hold on to the chain, when the toy starts to turn, it will trap toes/toenails.
Some toys and swings come with chains, and while some birds never have any problems, others do. Here is a super quick and easy way to cover the chains on toys, especially for those birds who like to climb up, to stop their toes/toenails getting trapped in the chains... Here is Gíslis silly...
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