Hello-
I haven't been at it long, but I've cut out about a dozen blades using an inexpensive (around 39 bucks) 4.25 inch angle grinder I bought at Home Cheapo. They have all been either 1/4 or 3/16 1095 or 440c blades. I do the rough cuts with cutoff wheels (the cheapies are about 98 cents apiece). I average 2 cutoff wheels per blade profile. It can't do very tight curves, but if you make relief cuts and make diminishing-angle straight cuts, you can rough in almost any curve, inside or outside. Using this method, I can cut out a 14 in OAL hunting knife in about a 20 minutes.
Then I can pop on a grinding wheel to do a lot of the profiling while it's still clamped to the bench. I can usually get the rough profiling complete enough so that the finish profiling on the belt grinder only takes a few minutes.
It's a pretty fast, inexpensive solution that seems to work okay for me. Eventually, I'll probably move to a plasma cutter or something.
Cheers,
Pat Riley