First off, this is possible. You can change the projectile model in the weapon file for the knife. As for sticking where shot and such, this is much like the crossbow. You're going to have to do a fair amount of scripting. Here's an excerpt from the crossbow gsc:
We can fairly easily modify this for purposes of the ballistic knife:
You can just thread that somewhere and it should be okay.
As for the Bowie knife showing up when you acquire it, that's simply a matter of detecting if you have the knife and changing the model, which could just be a whole other weapon. Like so: