Larrin, I may have said it wrong.
What I was told by a well respected PHD knifemaker was that the transformation from retained austenite to new martensite happened upon cooling between 400F and 200F. If it cooled too slowly, the RA could resist transformation and become stabilized RA. The faster cooling sort of forced it into conversion. He said the amount of RA was generally small to start with, and the amount between the two cooling rates would require a good lab to detect.
There are a few things that can happen to retained austenite during tempering, including:
1) Transformation to bainite (or other ferrite+carbide phases)
2) Stabilization, such as through diffusion of carbon into the austenite lowering its Ms temperature
3) Destabilization, so that it transforms to martensite during cooling
I can't think of any reason why any of these effects would occur more strongly while cooling slowly from 400 to 200°F than they would during a 1h+ hold at 400°F. After destabilization the martensite forms regardless of cooling rate.
He also explained that the rapid cooling from 900F to ambient in annealing and such was to keep the pearlite as coarse pearlite, and to not allow the formation of fine pearlite. He said coarse pearlite works and drill better.
I'm not really following this, for the following reasons:
1) If the steel has fully transformed from austenite to pearlite then more pearlite will not be forming, fine or not.
2) More rapid cooling rates leads to fine pearlite, while slower cooling rates lead to coarse pearlite.
3) If the austenite did not fully transform to pearlite then a water quench will ensure that the remaining austenite transforms to martensite rather than the potentially softer bainite which could improve grinability.
He also said that very slow cooling from 1400F to 1000F would make spheroidite, which was the best structure of all for workability. He recommended water cooling once below 900F.
Most of the datasheets I am familiar with will say that the cooling rate doesn't matter below a certain temperature, not that a rapid cooling is recommended. I am not familiar with that type of recommendation.
Does those sound more accurate?
Slightly
I learned this a good many years ago, and techniques and understanding may have changed. Heck, I still talk about Troosite in a hamon.
I don't think water quenches after low temperature tempering have ever been recommended.