I'm sure that there are -initiative weapons that may have some positive attributes. (eg)"Man, this sword get high HPD against Scorchers, I only wish I could draw it before getting toasted."I think of -initiative weapon as being, for what ever reason, clumsy or cumbersome to use. Slow on the take if you will.
You might try giving the Walriblade to your biggest, burliest fighter and see if it works. If that PC is always going last after the switch then you might as well ditch the weapon.

Marc