4340 is commonly used to make Case Carburized tapered roller bearings from. The ring is machined to a bearing shape, then it is place into a carbon rich furnace and soaked to allow carbon to penetrate the outer layers. Making it somewhat like the structure of an M&M candy. Hard shell on the outside, soft tough inner core. This allows a bearing made this way to be very tough and resist cracking all the way through.
This is why it would make a great throwing knife as stated above, since it would be very tough. The edge would not get hard enough to remain sharp in even the lightest of most knife cutting duties.
Before anyone asks, it would be extremely difficult to get the atmosphere in small furnaces to produce enough carbon from the burning, excess propane to create a hard outer shell without compromising the atmosphere with excess oxygen. The furnaces used to case carburize bearings are very sophisticated and expensive.
I'm a bearing representative and couldn't imagine pulling it off in my home shop.