Yes, it can be trained as a bonsai; It's a good sign having branches low down, but...
There are two potential issues that can spell failure:
- The main trunk has a whorl of branches that were cut, forming an ugly callous; one solution is hard cutting (chopping) the trunk below it (the callous) and using one of the back branches as a new leader.
- The two main branches are sorting from the same height from the trunk, and they have the same thickness; IF this tree were mine, I would choose one and cut down the other.
Too radical? Perhaps, but this is the way it is.
And plenty of time. 5 to 10 years, I guess.