I do axes with just the bit hardened. Many have welded high-carbon bits, but some are mono steel blades from a tough steel like 4140 and its cousins.
I think canola is too slow. I use brine for 4140.
In a steel like 4140, IIRC, I go 1550-1575 and then quench all the way in, pull out after 5 seconds, count to five, and put it back most of the way up the cheek. I hold it there for a good 30 seconds and then set it on the anvil to cool. I temper at 500°F.