Well, there are two trains of thought on this, The first is that as cheap as new stock steel is, why mess with recycled springs. It can be very disapointing to put a lot of work into a "practice" blade, have it turn out pretty nice (to your own eye at least) and have it fail miserably to harden or crack in heat treat because you saved a couple of bucks on steel.
Of course, there are lot's of knives made out of OCS running around out there, and I've heard several experienced makers talk about making knives out of springs, railroad spikes, drill stem, ect. so there must be something to the other side too. Even if new stock 5160 is only a dollar a running foot, if you dont have a spring shop nearby, and want to do something right now, it might as well be solid gold.
James
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Those who are willing to trade freedom for security deserve neither, and in the end, seldom retain them!