Stezann, the process annealing (slow cooling annealing) that Murray uses does work,
I use it myself on all laminated steels. I'm not aware of what harm it does,
spheroidize heat treat has its place but I would say it's not required with the high carbon laminated steels
regards
The steel will be soft, but softness it's not the whole story.
If you take a full solution and cool it giving it enough time (slow cooling in ashes and the like) the proeutectoid carbon will have the time to precipitate at the grain boundaries, creating a brittle frame encasing the matrix...Chances are that if you don't have the right equipment to provide a real good soak, you won't dissolve all this cementite and will have leftovers at the grain boundaries in the final austenitization. There's more to slow cooling hypereutectoids: when all the proeutectoid carbon has precipitated you start forming coarse pearlite inside the grains. The thick cementite plates of the coarse pearlite will dull your drill bits faster than the spheroidal cementite and it will require a lot of time to be soaked to be put back in solution for the final hardening.
Air cooling, followed by subcritical cycling provides a better steel to drill and a better situation from which hardening in the end of the day (it could be the same day too!), it will go back in solution very quickly, since they will not be big spheroids.
I hope i used the right words to explain it and to be of help.