If you are going to use crankcase oil, you might as well use the cheap stuff. The steel doesn't know how much you paid for the oil.
I should clear up one thing that I said in my previous post. I mentioned that it was not so much the temperature of the oil that mattered. I didn't say that exactly right. Cold thick oil won't quench right, but if it's overheated, it may not quench fast enough. It really depends on what you are using. For 30W crankcase oil I have had good results from about 125 degrees - about 150 degrees F. If the oil gets around 180 degrees I usually back off.
A good way to tell if you are hardening properly is to allow the blade to cool after the quench, then rub the blade down near the edge with a file. The file should not cut into the the steel, but rather "skate" across it like a sheet of glass. If the file "bites" into the steel, you definately did'nt achieve maximum martensite. If the blade just laughs at the file, then you've done good. Be aware that fully hardened steel (untempered martensite) is very unstable. It's like a balloon so full of air, it's about to bust. You'll want to move on to the tempering phase as soon as possible.
As far as choosing the quench, there are commercially made quenchants are rated as medium and fast quench. I believe they come with info on proper temperatures.
Good grief, I'm rambling again... Uh, what was the question? (Ha-ha).