Your using ~32% (31.767898238574336883722302540348% to be exact) of the available space, 30% is (in my personal opinion) an acceptable loss rate, you should find a way to use the texture space more wisely.
Also, multiple parts could easily be collapsed on one another for further resourcefulness. (Just to add in, any texture size over 256x256 will just be wasted ingame o.o)
As for the model itself, I would have personally added a glow effect to the blade with extended parameters, which would of given a better appearance ingame, but meh, what do I know. (Do remember, you need to have a mesh behind a model with extended parameters for it to show up at all. o.o)