mitch,
I think you have some things mixed up. If you read the stickys on metallurgy, you will get some idea about these structures.
When you HT any blade you convert it to austenite when it gets above 1350F. Then you quench it and if it cools fast enough to miss becoming pearlite, it becomes martensite at 400F.
I can't remember, but I think all RR track is hardened steel. It should make a good axe head. The piece of track you cut will need to be annealed, shaped, hardened ,and tempered.