O-1 makes excellent chisels. I would go with that steel for framing chisels. Hitachi blue steel #2 would also work well.
If making a set of high grade cabinet makers chisels, Hitachi White or blue steel #1 are great.
Chisels are a very tight spec tool. HT must be dead on, shanks must be drawn to lower hardness, and edges and bevels MUST be absolutely straight, square, and flat. 220 grit is plenty for finish. Pick the edge hardness to fit the task, Rc 60 is a good target for a framing chisel.
For framing chisels, ALL the force of the blow needs to travel down the steel to the edge. You can't have a round handle on a hidden tang. It must be a through tang with a solidly attached heavy butt cap, or even better, a full tang with a solid striking end.
Before you start decide how you are going to make the shank and shoulder transition … full tang, socket and tang, tang and collar, etc.. There needs to be a VERY strong attachment between the handle and tang and some sort of bolster or round shoulder that will take the full force of the blows against the handle and transfer it to the chisel. A metal butt is also pretty much a necessity. If you have a mill and don't mind milling down a 3/4" thick bar of O-1, that is the most solid construction method. A mill is also a very good way to clean up the weld joints inside the handle if you weld on the bolsters and butt.
One fairly simple way to get a heavy duty framing chisel is make a full tang style and only cut the basic profile in the bar of 1/4"steel. Before doing anything more to the bar of steel, fit it with steel bolsters at both ends of the handle. Weld (tig, mig, or forge weld) these all the way around to the blade stock. Then you can grind the bevels and tapers as well as clean up the bolsters and inner welds by milling or filing. When done, the tang web will be about 3/16" thick, which will make a very strong chisel. After HT, draw the temper way down on the butt by heating it to a full blue color, and carry that down the handle to within 2" of the edge. Sticking the edge in a vise is a good way to keep the heat from running down too far. After final sanding and such, fit the handle with canvas Micarta scales, using two Corby bolts. This makes an attractive and nearly indestructible chisel.
If you are good at forge welding, a chisel with forge welded and shaped bolsters and butt is a classic.
We should have a chisel challenge for the summer. The basic premise would be - make a chisel then post photos and a writeup on how you did it. Tutorials/videos would be great, too. If folks want to do this for fun, I'll put it in the stickys like we do the KITH.