I did some research on using it for bus times. Full specs are here: https://www.alpha-american.com/p-alpha-4160c.html
It looks like it the maximum it can do is display 2 rows of 40 characters, which is much less than would be useful for a bus/train display. You could have it scrolling/swapping between different pages, but I think it would be distracting to have something always flashing in a corner, wherever we put it.
I can’t think of anything else apart from train times that would need to be displayed in public at a makerspace. The only other example I’ve seen back at London Hackspace was a display that anyone could send a message to, I think linked to IRC. The original purpose was to show important announcements and for people to remotely attract attention of someone in the space, but I believe by the end it was just showing jokes and other random stuff. So I wouldn’t recommend it. We can communicate well enough using Discourse.
Pretty sure the sign is still worth something to someone, maybe eBay it or sell it somehow and use the money for some other improvements to the space?