OH! Right, at 1,500RPM you've got precious little to worry about re: stone shattering.
Cool. I'd still recommend an extinguisher.
As to the steel: the good news is, 5160 is just barely "simple enough" that you can heat it and cool it an infinite number of times without screwing it up. As long as the final heat-treat and temper cycle is right, no problem.
Modern high-tech stainless like ATS-34, BG42, 440C and the Crucibles like 440V/420V are a "one shot only" proposition on the heat-treat and are usually considered unsuitable for "heat'n'beat" massaging such as the kamis do. 440B is a rareish stainless that CAN be forged, Randall uses it on their forged fishing knives.
5160 is right at the border between high-carbon and "tool steel". And while not stainless, it's not "eager" to rust. Some tool steels can be forged, others can't.
5160 is a GREAT steel for big, tough blades. Jim Hirsoulis at Salamander Armory swears by it for big European-type swords. It's only real rival is L6 and the difference is close enough that a superior heat-treat matters more than which steel you're running. The kamis know 5160 real well, no sense having 'em switch.
Jim