I guess it is a juniper or cypress and probably one of the tall thin types.
Bonsai potential:
anything can be used if you have the time and patience.
Conifers can be reluctant to bud on older, bare wood so you really need to plan on building the tree from any low live shoots.
Formal upright can make use of tall, thin trunks but still look better with some thickness
Formal upright still needs some branches along the trunk. A tall, tin trunk with a cluster of foliage at the top probably belongs in topiary rather than bonsai. How tall will your bonsai be if you use some of the current branches?
I have found the tall thin type trees are quite difficult to style as bonsai. They just don't like to have spreading branches and just concentrate on upward growth at the expense of any you wire out to make branches.
Some positive thoughts. Even if it does not give you a great bonsai:
You will learn something from the transplant process.
Assuming it survives transplant you will learn some more about how trees grow and respond to pruning and have opportunities to practice pruning and shaping techniques.
I would not bother with this one for bonsai but I am a bit spoiled for choices. Others will see it far differently.