Yes, it needs to be handled with care, but it's essentially the same procedure as with the waste products of desalination water plants. One caveat though - once you start diluting this stuff you have to keep going since the high salt content is the only thing that ensures it's fairly sterile.

"just need to spread it out sufficiently"

Use a crop duster type aircraft - what could go wrong?

Edit: Growing up in a fishing village I'm fully aware of the potential for WMD level stench that the fishing industry is capable of generating.

"The blast blasted blubber beyond all believable bounds" - prior failure of intuitively appealing disposal option.