Howard,
For those steels that contain small amounts of Cr(chromium) like 5160 and 52100, multiple quenching in oil, followed by sub-zero in liquid Nitrogen does the trick for me. On my damascus blades (1084/15N20) a single quench with a sub-zero. (multiple quenching has little to no effect on simple carbon steels)
If you are asking what type of oil.....I use plain old vet grade mineral oil. I wasted a lot of time and money discovering that most commercial quench oils are 99% mineral oil anyway, and that the other 1% is either paraffin, or beeswax. As for the Nitrogen, I have a large tank that requires filling from the local welding supply store about once every 3 months.
Opinions? Well, from my experiments I have found that simple steels (10XX) do not derive any benifits from the multiple quench, however, those steels that contain some, but less than 7% chromium, gain considerable cutting/edge holding from this type of quench. When the sub-zero treatment in incorperated, even more is gained.
The best cutting damascus blades I have ever produced were a mix of 52100/5160 that recieved multiple quenches and sub-zero treatments. Due to the materials being so close in element content, contrast was very minimal, and most did not want them because the patterns were too vauge.
http://www.mtn-webtech.com/~caffrey
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Ed Caffrey
"The Montana Bladesmith"