Yeah, S-7 makes a great ludicrous use hawk head. It withstands impact better than most steels, and when heat treated right and given the right edge geometry it holds an edge pretty well. I've cut automotive steel with several of mine, after which the edge needed little more than stropping. Not sharpening, stropping. Except for the ding I got from the Nader pin. It's a frikin Nader pin, no excuses necessary. Bottom line, it cut steel like other hawks cut wood, and it got a ding on a Nader pin like other hawks get dings on knots.
That said, if I was going into the woods for some elk hunting I'd be looking for 1095 or 0-1 hardened into the mid to high 50s Rc by a competent 'smith. Steel can compensate for design, design can compensate for steel, but why not just go straight for the best combination of steel and design?
Insanity and combat? S-7, 4140, 5160, CPM3V ($).
Traditional, hunting, or general scouting? Any good knife steel, hardened into the mid 50s Rc.
4140 and S-7 are impact/shock steels, and with relatively thick edge geometries work very well for ridiculous use hawks. Keep in mind that most good knife steels will do well for insane usage as long as they have thicker edge geometries. But why not start with a steel that was designed with impact in mind? RMJ and a lot of the S-7 guys have it right for what they're doing. Want a hawk for cutting branches and making tepis in the woods? You're better off with O-1, 1095, W-2, 52100... as long as they have thin edge geometries and are nice and thinned out behind the edge.
My point is that the steel is often second to the design, but if you use the best steel suitable for a design you have the best of both worlds.