Well... you could make it a comm antenna by connecting it to a comm radio
Seriously, the Loran frequency range was slightly higher than the aviation comm range so you would have to lengthen the antenna approx 10-15% (can't recall the exact center frequencies) to reduce the SWR to an acceptable range Then possibly trim to optimize it. I don't think it would be worth it but if you have a Ham friend with an SWR meter you might call him for an afternoon of fun, if the antenna was cheap enough.
I guess I would need to find an antenna "stretcher" to make it work, but, compared to new comm antenna prices, the old Loran antennas are pretty cheap ---- not sure what they can be used for ---- maybe as a "shorty" fishing rod?
My memory may be failing me here but IIRC Loran was/is very long wavelength, with a frequency below the AM broadcast band. If it was near 120 MHz then it would be limited to line of sight.
Most Loran antennas are identical in length and outward physical construction to a standard VHF comm antenna *except* for they have a completely different matching/coupling circuit imbedded into the base that connects the BNC connecter to the stinger. They work sorta OK for receive but definitely not for transmit, where you'll get an extremely high VSWR. I've already tried it. The Loran antennas usually had a matching network inside an aluminum box that went in line with the coax too.
BTW, here's what the internal matching circuit looks like in a typical VHF comm antenna:
