The high nickel content in many saw blades makes hamons less likely. Not impossible, but less defined. W2 is probably the best choice for hamons, followed by W1 and 1095. Low manganese steels are more shallow hardening, producing better hamons.
If it is a peso or two, OK....but if it costs any more than a cerveza, buy the beer and wait until you can get some known content steel. I would be very doubtful that a saw blade will ever make a hamon. I usually am doubtful that it will make a good knife.
I think the Truper (tool manufacturer in my country) chisels, which are good quality steel, like the one my dad torched with oxy acetylene and quenched in motor oil in an auto parts shop would make better knife making material instead. I also had to skate with a file and temper it in an oven for him
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