That is actually the basic design I want to go for, something along the lines of the Swamp Rat Waki or the AK-47.
Honestly my purpose is to make quality gear that sells. I want one for myself also but I try not to keep too much of what I make. On the other hand, I really don't like to make anything I personally wouldn't want.
And yes, it should work just as well as the swords I mentioned as far as that purpose goes. I wish I had a Swamp Rat Wakizashi to check out in person.
As much as I like the idea of being a badass Samuri, I just can't see devoting that much time, effort, and devotion to an ancient art. Guns would still kill me just as fast.
So, seems like a useable modern sword would need to cut "other" targets as well. I like my Waki, with one exception, it's a bit short. A two handed grip is just akward. I have a full length bokken, and a short Bokken. The short one is only 1" shorter than the Waki. Both only really feel right with a one handed grip. The full length is just right with a two handed grip, but a bit heavy and long for just one.
That said, if the Waki were longer, the strength, heat treat, thickness, and balance would need to be addressed. Maybe that's what the AK47 is, a bit longer. Is it better that way for one and two handed use, I don't know.
If a modern sword could be used both ways, be fast, strong, balanced, and a true slicer, you'd have a great product. Like said before, make the weight feel light, regardess of the weight.
I was just outside beating the hell out of a 12" 5160 blade by Bruce Culberson. Cross grain chopping of some seasoned wood, it was a chore, but the edge showed no wear, chips, rolling, or any damage.
So, depending on the intended targets, maybe do a 5160, S7, or even a 52100. Swamp Rat is using a modified 52100 for their SR101.