…The steels are similar in that they are both carbon steel, with 1075 being a simple carbon steel and 01 being a tool steel (originally intended for use in gauges), however there are some differences, which can become very important based on heat treat.
If both are heat treated fairly soft (uniform 56RC for example) you will not see much of a difference in actual use between the two steels…
…O1 can be heat treated to a much higher hardness before becoming brittle. To attain high hardness levels (for more strength, higher levels of edge retention) in 1075, it is barely tempered back and can become brittle.
Of course, few makers heat treat 1075 this way, since that is not what it is spec'd for. Rather 1075 is tempered back more, for a tougher steel which is less prone to chipping, is easier to sharpen, etc. I think 1084 is a better compromise personally, but I am not a knife maker…
…O1 is more alloyed than 1075, and offers higher strength and wear resistance.
For a large camp knife…I would go with O1…
…In summary, with a hard use heat treat (not super hard like a light use knife) you will probably not see any difference. Any good carbon steel with a decent heat treat is a much better choice, in my opinion, than the more brittle stainless steels for a hard use camp knife…
…At lower hardness levels (~55) 1075 will be tougher than 01, but the difference is slight, to the point of being an academic point rather than of practical significance…
…the picture changes at high hardness (over ~60RC). If you want 1075 run that hard, you are basically running it as quenched. As such it is quite brittle. In contrast, 01 as quenched runs like ~66-68, so if you want a ~60 blade you are tempering it back a bit, increasing toughness…