It seems like an obvious thing to do but I've never seen it done, so presumably I'm missing something?
If you put your quench oil tank in a bigger tank of water, it should greatly increase the heat capacity of the quench system and reduce the temperature rise.
Doing some massively oversimplified math, assuming that everything has the same specific heat capacity:
If we start with a 1lb blade at 1550 degF and quench it into 5 gall of oil (about 35 lb; oil is lighter than water) at 110 degF, we'll have dumped the heat corresponding to 1440 lb-deg into 36 lb of "stuff", giving a temperature rise in the oil of 40 deg and a quenched temperature of 150 deg for the blade.
If we do it again, but this time put the 5 gall quench tank into a bigger container with 10 gall of water in contact with the outside of the oil container, we'll have the original 35 lb of oil plus 80 lb of water, making 136 lb of "stuff" once we include the blade. We'll need to get the whole lot to 110 deg to start, which may be a minor pain but not overly difficult.
The same 1440 lb-deg into 136 lb of "stuff" would give a temperature rise of only 10.6 deg and a quenched blade temperature of 121 deg.
In reality, the benefit should be greater, since water has a higher heat capacity than just about any other common substance. However, the heat transfer from the oil container to the water would not be instant, so the quenched temperature of the first blade would end up somewhere between 121 and 150 deg, with subsequent blades getting about 11 deg higher each time.
Overall, it would probably not be as good as increasing the quench oil volume by 10 gallons if you are looking to quench 3 blades together, but if you can quench the 3 blades in succession with a minute or two between them to let the heat transfer from the oil to the water, it should get a lot of the effect without the cost of the extra oil.