Though acquitted on murder charges, Blake still faces a wrongful death lawsuit filed by Bakley's family. But Blake says they'll have to get in line -- a long line -- as he attempts to go back to work to pay his way out from under a massive debt.
"If Uncle Sam woke up on the wrong side of the bed, I'd be out on the street with a guitar, because I owe him a lot of money," Blake told Walters. "I'm broke as a church mouse."
Blake said he will also focus on "playing grandpa" to Rosie, his 4-year-old daughter with Bakley. When he was in jail awaiting trial, Blake gave custody of the girl to his oldest daughter, Delinah, and her husband, Greg.
Blake said they will continue to retain custody of Rosie but that he will see her often.
When asked if he will tell Rosie about her mother, Blake said he wouldn't lie. "Children always know the truth," he said.
When asked in a news conference right after his acquittal who he thought killed Bakley, Blake seemed to get angry and told the reporter to "shut up."
Blake said today that what he meant by that comment was that he "would like to have everybody stop killing Bonny now. Everybody's trying to make a buck off Bonny."
Walters asked Blake again who he thought killed his wife. Blake said he didn't know, but added, "She led the kind of life where she made a lot of enemies."
Many trial watchers said Bakley came off as an unsympathetic victim during the case. She was portrayed by the defense as a con artist and a woman who planned from a young age to attach herself to a celebrity by any means necessary.
When the verdict was read in Blake's trial, he put his head down on the table and wept. He told Walters that his tough-guy days were long behind him and his time spent in jail had changed him.
"I'm not a tough guy. I'm not strong. I'm not brave," he said.
His scrappy image was just a way to keep people away, he said. "I couldn't stand the sunshine," Blake said. "It's lonely being a junkyard dog."
But Blake said that it took the experience of being accused of murder, spending time in jail and being acquitted to peel away what he called "those layers of nonsense."
"I love hugging people," Blake said. "It's weird."
Blake says that although he's been personally changed by this event, changing the perceptions of his fans and foes will take time.
"The other day I went to the farmer's market and everybody was hugging me and stuff, but there were people on the outside saying, "Murderer, murderer,' " he said. "But it's hard to go from being Saddam Hussein to Seabiscuit, and try to catch up with it."
Although his battle in the civil courts is still on the horizon, Blake says his conscience is clear.
"Would anybody conceivably believe, even if I could kill somebody, that I would use a 60-year-old gun that holds eight rounds and put three rounds of 10-year-old ammunition and shoot somebody twice so maybe they'll recover and they could identify me and then hang around in the restaurant?" he asked. "I mean, don't you go hire somebody to go to Hawaii to kill somebody when you're not around? Does any of it make any sense to anybody on the planet?"
How the public ultimately perceives Blake is anyone's guess, but for now, the actor told Walters he wants what everyone wants.
"I want a date for New Year's Eve," he said. "I want somebody, you know, lingerie with lace, Olympia by the case and waking up all hours just to see her face. When you love somebody enough to stay up all night watching them sleep, that's a magic that only God can give you."