Raphael, generally, the drawback of using an existing spar are
- The shape is incorrect: junk masts are generally circular because the loadings are fairly even distributed. At least that's how I understand it
- The existing spar has holes in it, from fittings, which create stress points
- The wall thickness is inadequate.
Ifyou can get around these factors, whether you could use the old mast would probably depend on how much of the spar will be required for the topmast as to whether you could get away with it. The three abovementioned issues apart, to me the most difficult thing would be to create a smooth transition between the two masts, so that the batten parrels etc, won't snag as you haul and lower the sail.
I don't pretend to have much technical expertise here, and hope that someone who does will discuss this matter more fully with you, but my comments may give you some food for thought.