Update: Since I now rely exclusively on the Ring-version of the blade (because the spell-variant will glitch out regularly and revert back to basic damage), I've also found that not only can you drop it on the ground, you can also hand it to another companion who has the Dual Wielder feat, have them enchant the blade via the Flail of Ages and then hand it back to Tav. Something that should not be possible with this weapon and isn't possible with the spell-variant.