Yuh, lots of people cut locust into boards. I am one of them. You are out in Wisconsin, so I don't know value out there, but in Massachusetts, locust (above "firewood grade") is quite valuable (more or less 50% more than say, oak.) Used for docks, outdoor stairs...
So, here come the opinions.... I would say that anybody who tries to "chainsaw mill" more than one boards-worth of locust is crazy. Circular mills work, especially for square posts, etc. .. and it will cost you some teeth and sharpening, etc. Carbide helps, but. Lower-end band mills be "doggy" / slow /annoying for making locust boards, but if you are only making a very few... enh. So, better (30 hp and up) band mills are +/- "practical." Use a high quality "low angle" tooth blade, with full tooth "set" (which will diminish as you go) water or other coolant / lubricator. And expect to use about twice as many blades as you would for ... your basic moderate / clean say red oak log. (I'm assuming what we call "Black Locust") Cutting speed about 1/2 to 3/4 speed in other wood. (When you see "smoke in the kerf" ... slow down.) Try to saw as soon as possible off the stump (and not in cold weather if you can help it).
Locust where I am tends to have very funky cracks in it, voids, hollow sections (often full of dirt / just dirt in the center of the tree). It grows tall, kinda skinny, and not very straight. Probably different out where you are.