Hey Russ, I usually save that steel for stock removal kitchen knives. The steel is superior in most of those old blades and the heat treat is hard to beat. That's why I like to grind blades from it and preserve the heat treat. The pitting in the blade just adds to an old antique look.
On the other hand, it couldn't hurt to do a little experimenting and see how it turns out. I would assume that the steel is high carbon and go from there. Mix it with some known L6 or O1 like was mentioned before and see what happens. I'd keep the layer numbers low at first just to save on propane and labor. Stack equal thickness layers till you have a small, square blank. You'll have to clean that saw blade down to bare metal to get the best results though.
After welding and folding a few times, grind and polish on side on the edge of your welds and one flat and then do an experimental etch to check the pattern. Who knows, you might just stumble onto something really unique! Good luck, and give Mike the raspberry from me!!