Split the channels - Image > Color > Split Channels. This will give you individual 8-bit images for red, green and blue.
Work with the blue channel image, since Luxol Fast Blue stains myelin blue.
Set the threshold (Image > Adjust > Threshold) to isolate the stained regions from background. You may need to apply some brightness/contrast adjustment first.
With threshold set, analyze the image (Analyze > Measure). Make sure to check the boxes for “Integrated Density” and “Area”.
The Integrated Density gives the product of Area x Mean gray value, which correlates with absorbance and OD.
Measure a background region and subtract its integrated density from the sample reading to normalize.
Calculate OD by using the formula: OD = log10(Integrated Density - Background)/Area
This will give you an approximate OD value that can be compared across sections. Make sure to analyze images consistently and take background readings from each image. I would suggest analyzing multiple representative regions per section to get a robust measurement.