Re use as fertilizer: More detailed analyses are needed to determine feasibility. Besides the heavy metals, you have to be concerned about certain neutralization salts. E.g., chlorides are bad, whereas sulfates, nitrates and phosphates are okay in limited amounts (provided that runoff to surface or groundwater is limited – often a function of the weather!). In any case, (as others have mentioned) you will need justifying analyses and plan approval from your EPA-administering agency. A land disposal plan needs soil type, permeability, depth to groundwater, climatic data, slurry storage methods, etc.
Re slurry vs. solids as fertilizer: The Metropolitan Milwaukee Sewerage District has for many years used biogas to generate electricity & heat. At their main plant (Jones Island), some of the heat has been used since 1926 to dry & sterilize & pelletize treatment product sold as the fertilizer 'Milorganite.' I believe that removing the water is not energy-efficient -– it only makes for convenience in spreading granular fertilizer on lawns.
At the newer MMSD South Shore plant, biogas is burned to provide electricity for the plant. The treated effluent in slurry form is used as ‘Agri-Life’ fertilizer, which is then spread from 6000 gallon tanker trucks. Below is a link to the Metropolitan Milwaukee Sewerage District:
You haven’t mentioned the wastewater source, but some modifications may make the sludge more suitable/safer to use as fertilizer. You should also consider alternatives. Perhaps you are pickling steel and your waste contains heavy metals Cr, Cu, Ni and Zn. You might consider an acid purification unit from some company like Eco-Tec or US Filter. This would give a small amount of more concentrated waste to send to a metals recovery company (Encycle, US Filter, World Resources, etc.).