CocaCola is phosphoric acid, very dilute. It should work to etch a blade, as it will dissolve a nail if left in there. Please let us know what your results are.
One note about nuking vinegar is that acetic acid is volatile, so heating it anywhere near boiling will drive off the acid and weaken it. also, acetic acid is listed as "combustible", which means if the concentration in the atmosphere inside the 'wave gets high enough it has a potential ignition hazard if you have an ignition source around, like a cig-butt in your mouth, when you open it up. . Not much of a real hazard, but under the right conditions it can be.
Ferric chloride is a relatively strong acid, but won't burn skin as fast as a mineral acid such as hydrochloric (muriatic=80% HCl) or nitric acid. I do my etching with the vessel in the basement tub sink and it is not dangerous. Prolonged exposure will damge skin a bit, but it washes off readily. Rubber gloves are a good idea. 1:3 to 1:5 parts Etchant:water is the common concentration. Dilute it 1:10 or 1:20 and it will simply reduce the etch rate. For that matter, whatever you use, simply dilute further and it'll give you a more pronounced difference in the etch rate of the two steels.
BTW, caustic usually refers to a chemically "basic" compound like lye or caustic soda, ie, Draino, Liquid Plumber, etc. In the chem industry it usually refers to sodium hydroxide.