Brion, I appreciate your untiring willingness to help. I get smarter when you just walk into the room.
I was once given a cool rule - "Jesus Christ, Himself, could send a bar of steel down from Heaven. It will only be as good as the heat treatment it gets."
And the way I've seen some heat treating processes used, I would prefer properly controlled 5160 to MANY of the other steels when heat treated with some of the recipes I've seen around here.
There are tons of good reasons to use decent 5160. And the reason it's used on so many Performance Tests, is because of its deep hardening aspects, and semi-successful hardening at the slow rates often found in such quenchants as french fry oil, mineral oil, old 10W30 and any number of goof-ball methods. Those reasons, and the way it responds to differential processes, make it an excellent steel for many purposes.
That said, with proper forging, post forging techniques adhered to, and proper soak times at controlled temps to deal with alloy, decent 5160 can perform exceedingly well.
A couple years ago I used 1 4 inch 5160 blade to field dress, skin and cut up for processing 8 does and 6 bucks without touching a stone.
If you want a piece of steel to perform well, simply learn the right way to heat treat it and stick to what works.
5160 will make a great small knife.