I do not have a specific time that is required to create the "magic" that happens during the cool down time related with 5160/52100 and the mulitple quench. (someday when time allows, I will nail the exact time down) I do know that by allowing a blade to cool down, IN THE OIL, prior to the next quench, yeilds the same results on grain structure as an annealing/normalizing cycle would. (proven from spectorgrphs of the steels) As to the exact time, I would speculate that as long as you allow enough time for the blade/oil to COMPLETELY COOL TO ROOM TEMP, you will realize the benifit. I've learned never to be in a hurry when it comes to heat treat quality of a blade. The overnight gig is just something that fits into the way I do things in my shop, and therefore is what I do. I can tell you that on nights when the temp dips below zero (no heat in the forge shop)and I have blades cooling...........those are the blades that I have come to expect more performace from.........just a historical fact. I don't have all the data on the logic behind this either, but it has proven itself time and again.
It's unlikely that the "average" knife user would be able to tell the difference in a blade that yeilds 20% more cutting ability, but as a knifemaker, who handles/tests blades on a daily basis, it is the difference between night and day..........and why not give your very best to the customer, even if they might not realize it as you can, there is a strong sense of self when you look at the man in the mirror! Always striving to give that "added value" to a knife is something I feel we are all responsible to do!