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I like 1/8" thick steel for my blades and have gone up to 3/16". I don't like to make big Rambo knives for a variety of reasons and don't see the need for 1/4" thick material.
My large knives are for Wisconsin deer hunting, not jungle survival so they tend to be 3.5 - 4.25" in length, and around 3/4" wide. Big enough to gut and skin a whitetail deer. Since you're not using the knife like a machete you can make a three-finger handle which is better for when you're working inside the cavity of a deer to remove lungs, and other "stuff". My handles tend to be from 3.5" - 4" in length. Two inch folding knives have gutted and skinned a LOT of deer in Wisconsin.
Big honking, meat cleaver, Rambo knives may be good for clearing brush but not so good for when you're gutting the deer and you don't want to cut the intestines. They're also large and heavy to carry. I would be embarrassed to be seen with one while hunting.
Thick steel takes a lot more grinding too which I find very frustrating.
What kind of knife do you want to make? What are you going to expect it to do? That should be the main factor in deciding on the thickness of the steel you use.
LonePine
AKA Paul Meske, Wisconsin