A torch draw is properly done
after an oven temper.
Drawing a temper with a torch is applying a selective variable temper. It tempers the spine much softer than the edge. In the process the spine becomes a mix of pearlite and martensite, while the edge stays martensite. A torch draw should be repeated several times, sanding the colors off with a piece of 400 grit paper between each temper.
It will not replicate the results attained in an oven over an hour or two, but will work for taking the extreme brittleness out of the brittle martensite blade after quench. It will do nothing to convert retained austenite, which isn't usually a problem except with complex stainless and alloy steels.
If you had no accessibility to even a simple oven, then a torch drawn temper would do fine for most simple carbon steel blades. It is most useful ,however, when used
after an oven temper. This way you get a fully tempered blade with a selectively toughened spine and tang.
Stacy
Yes, two hours in a toaster oven will be fine. Putting a reliable thermometer in the oven, or making it a controlled toaster oven will really help. Toaster ovens swing a lot in temperature.
Here is a thread I did on converting a toaster oven:
http://www.bladeforums.com/forums/showthread.php?t=599423&highlight=PID
Stacy