Yes, it will help with corrosion resistance but wont totally prevent it. Its basically like bluing a gun. Your 40% solution will work. The knife in the pic is O1 but this will work on any carbon steel. Here is how I do it. You may need to change the etching time to suit your needs.
1. Finish the blade to an even 220x finish. Thats all thats needed. Anything finer will just wash out in the etch anyway.
2. Clean the blade thoroughly. I wash with dish liquid the wipe down with denatured alcohol. Clean blades give a nice even etch.
3. Etch. 5-20 minutes depending on the desired look. You can always clean the blade and re-etch until you determine the best etch time.
4. Wash the blade under tap water and remove the "loose" black with a small rag or cotton ball. Its just a thin film and comes off easily. Whats underneath is what you want.
5. Neutralize. I boil the blade for 20 min. in water and Tri-Sodium Phosphate but you can use baking soda or ammonia. I find that boiling the blade helps set the etch and makes it a little more durable.
6. Dry the blade and oil it.
Its a lot simpler than it sounds. If you try it, let me know how it turns out. Good luck.