Depending on how "old" the buggy is, it could be just about anything!
Depending on how you want to work it, yeah, softening it up will go a long way towards making grinding and machining go a lot smoother.
Before you do anything, I'd spark test it to be sure you have enough carbon to make it worth your while. If it passes that, send a nugget out to be tested. As I hear told, a bit of sleuthing around this very board will provide some links to a place that'll tell you EXACTLY what you have for something like $25. That's not a half bad deal right there!
If you really really want to play the guessing game, your eyes are a better tool. Learn to read the steel. Watch the "shadow line" as you heat it slowly, pull it out and let it cool slowly. By watching for this on the way up, you should be able to nail your temp pretty accurately, even if you don't have a number for it. Quench in a fast oil, then temper at 300 to begin with. If you got enough of the stuff, you can play around with it, temper at 300, 350, 400, etc and test them off to see where the hardness / toughness "sweet spot" is.
Just be careful with this method. It's way too easy to overheat and burn your tip. Best to hold the tip with tongs and heat the body first. Nice and slow and even, until the whole thing is in soloution. If you have very tight control, and a lot of experience, and want to try soaking at that temp, it could be helpful, but if it's a 200 year old buggy spring, odds are it isn't all that complicated of a steel.