Adrian:
To determine board feet in a log/tree, you must know/take two measurements: diameter of the tree at 4.5 feet (DBH) and merchantable log length.
So, if the tree's DBH is 30 inches and if the log length is 8 feet, then the approximate board footage using the Doyle scale is 270 bd. ft.
I don't appraise timber over the internet. However, if you look at my Timber Blog and Illinois Timber Price Bulletins, you'll see black walnut stumpage values in the neighborhood of $0.80-1.50/bd. ft.
Tip: Measuring Standing Trees http://ohioline.osu.edu/for-fact/0035.html