AR-500 has a (perhaps inflated) reputation for "toughness", being resistant to shock and impact. I don't know if any hard data exists for it's performance as a cutting tool.
I'm sure it's been tried.
Ed Fowler wrote in one of his books, a first-hand account of an old wrench jockey on the Alaskan oil fields, whose job it was to re-surface worn loader buckets, tread plates, and whatnot.
One day, this graybeard got it into his head to make a knife. I wish I could remember what he used. Somehow, I think he got hold of some old drill rod, which would make it S2 or S7 hi-shock.
Ed personally witnessed this knife chopping through "a burned-out oxygen cylinder". Which I guess is an oxy welding tank?
Either way, until somebody with good data comes along, S2 and S7 get my vote.