I use CPM154 for all my fillet knives now. I do about 30-40 a year. I am going to experiment with CPM-M4 for the ultimate edge holding fillet knife.
As to the thickness, There are two types of fillet knives:
Large fish (tuna, drum, rockfish, etc.) and those knives I make from .120 thick stock. I flat grind to the spine, and give it a distal taper. They look good with file work down the spine. Blades from 8-12". These have a guard.
Small fish - (flounder, bluefish, sea trout) These are very thin and flexible. I taper from .100 to about .060 with a flat grind about 3/4 the way up. Blades from 6-10". No guards usually.
I grind to about 90%, finishing with a 400 belt, and do HT. A little cleanup and grind the final edge after HT is all it takes. Since these are all working knives, the get a medium Scotch Belt finish.
There have been several threads discussing fillet knives.
Stacy