I'm sure someone on here will know what kind of steel that is, but I want to say something in general about using old planer blades, saw blades, jeep springs or anything else for a knife blade.
Sure it will work, if you're very careful about not overheating it, which is tough. Many tools steels are tempered in the 400F range, and it is very very easy to heat steel to that temperature while you're grinding it. That is especially true as you get the edge down to its final working dimensions, particularly when it is hardened steel and your belt is running hot as a result.
If you get any steam off that blade when you dip it in water, there is a good chance it got too hot. Steam is 212F, right? No problem, right? Wrong! Steam when you dip it in water means that it is above 212F when you got it to the water. That means it was way above 212F when it was on the belt, because the bulk of the blade is a big heat sink and will pull the heat away from the edge, so the edge had to be way above 212F.
Steel is dirt cheap, and if you're going to spend many hours making a fine knife, why try to save $10-15 when it may end up costing you a decent edge on that fine knife?
My thoughts...
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Jerry Hossom
www.hossom.com