It'll work, but it's also extremely wasteful. For a shape that simple you don't need anywhere near that many polygons. Do a google image search for "lowpoly axe" and you'll find plenty of examples.
Metin2 fan art. Based on original concept artwork. 9.5k polygons + pedestal. PBR texture maps 2x2k. See more pictures and Marmoset Viewer on artstation. https://www.artstation.com/artwork/r4w0e
Looking at the example in the .obj it seems like you can just select the cylinder faces, extract them (leaving the original geometry intact and creating a new object) and then push the polygon normal outward.
I think the Axe looks a bit too much like Rexxar from WoW. Maybe make the armor a bit more subtle since it's possible it won't be able to fit in the polygon budgets
how many polygons do you predict the scene will be? im building a similar one and im kinda worried about my polycount but i saw that your objects are much more complicated...
Yes, I have an environment already modeled and textured, but rendering the whole thing is going to take some time (too many polygons and too many 4k textures) so stay tunned.
I would say that there is a lot of polygones that are not used, you could collapse a lot of edge that are not needed in certain area. Other then that I think it look great, nice job :) Sorry for the messy english
http://illustrationage.com/2013/04/02/free-andrew-loomis-art-instruction-downloads/ 'Figure drawing for all it's worth', learn the planes of the figure in polygons (as Joao stated just there), then after that expand.