Yes, it's a good choice for an outdoor/field type knife. We don't use hide glue anymore much, so most people are no longer aware of its characteristics. It softens to water, but it takes a really long time. It's not very porous, so water doesn't really seep in. The bond to wood, horn, leather is super strong. You'd think it rusts metal, but the collagen matrix it creates holds water in it so effectively, it doesn't really rust at all. Imve had multiple experiences now with hide glue on untreated steel, and it probably prevents rust more than anything. With a narrow seam, it's going to be a real struggle if you even want to get it apart again. It doesn't bond metal well, but if you get it into a hole in the tang, it will hold on for dear life. I have found surfacing the tang with a file also helps the hide glue hold. All that being said, don't soak it or leave it in standing water (like in a sink), that will probably compromise the glue eventually. Otherwise I think you'll be surprised how strong it is.
Hide glue works best with long cure times. Even if it has set, I would still give it 24 hours to fully cure, for maximum strength. I find the hold is the best if you leave it clamped at least until it sets, preferably until it's fully cured. The glue I use tends to be soft when its first set, but after 24 hours it gets hard as resin. You don't want it to set or cure too fast, because that makes it hard to work with. It's tricky to get the hang of it, but once you've worked with it for a bit, you find it's more forgiving and useful than it seems.