I think there is some translation problem with the previous post. Suffice to say that a hamon is primarily decorative in the modern world. A fully hardened blade has the same edge abilities.
Satanite and Rutland's Black cement both work. I far prefer satanite.
Most people put it on way too thick. I get best results by first putting a "wash" of very runny clay (melted milkshake consistency) over the entire blade, and then covering the spine area above the desired hamon with a thin layer of "sour cream" consistency clay. I only put it on about 1/16" thick. Let that dry well before the HT.
Yaki-ire is a big subject, and you need to do some reading on it before you try it. Use the custom search engine in the Stickys to search hamon and yaki-ire.
The etchant is normally FC in a dilution around 15:1. Other etchants are used for getting the finer details on complex hamon. The sanding and polishing methods are very important.